In a move that was probably predicted by many crypto enthusiasts, the popular cryptocurrency exchange of Zebpay has closed shop in its home country of India in the more crypto friendly country of Malta. Evidence of Zebpay registering and operating from Malta, can be found on the exchange’s page which states the following:
For all intents and purposes, Zebpay shall mean and include below –
Awlencan Innovations Malta Limited [C-88318], a Maltese Registered Company with Office Address situated at: 48, Triq Stella Maris, Sliema, SLM 1765, Malta, which owns and operates the ‘Zebpay’ VFA Exchange Platform in Malta, hereinafter referred to as “Awlencan” or “Zebpay” or “company”, which term shall refer to and include its owners, its subsidiaries and affiliated companies, directors, investors, employees, officers, representatives, affiliates, or other related parties.
Expanding Its Reach to Europe
The exchange of Zebpay, currently provides services from the following list of countries. Only residents of these 20 countries can access its trading services:
Malta
Belgium
Bulgaria
Croatia
Cyprus
Czech Republic
Denmark
Finland
France
Germany
Greece
Hungary
Ireland
Italy
Latvia
Netherlands
Poland
Portugal
Slovenia
Sweden
India Missing From the List
Looking at the list of 20 countries mentioned by the exchange, we find that India is conspicuously missing. Then again, the ban on crypto trading by the RBI had severely crippled the exchange from operating within the country. The exchange had . Users could no longer deposit or withdraw the local Rupee on the exchange.
However, crypto-to-crypto trading was still active up until the 28th of September when the exchange made the following announcement
We are stopping our exchange. At 4 PM today, we will cancel unexecuted orders & credit your coins to your Zebpay wallet. No new orders will be accepted. The Zebpay wallet will work even after the exchange stops.
The reason the exchange gave for halting its services, was that the RBI ban had crippled all its exchange activities.
What are your thoughts of Zebpay moving operations to Malta? Do you think it was the right move given the RBI ban in India? Please let us know in the comment section below.
Disclaimer: This article is not meant to give financial advice. Any opinion herein is purely the author’s and does not represent the opinion of Ethereum World News or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.
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