Zebpay Shifts From India Due to Regulatory Issues
October 19, 2018 11:57 am
Zebpay is expanding its global presence after shifting its cryptocurrency trading operations from India. The exchange has moved its operations to Malta due to Indian crypto regulations. The Reserve Bank of India recently banned cryptocurrency exchanges and restricted banks to stop working with them. Zebpay is now all set to serve twenty countries.
Zebpay talked about the overseas operation on its website. Indiabits, a community of blockchain enthusiasts tweeted about Zebpay’s two foreign entities in Singapore and Malta. Indiabits tweeted that Zebpay is going global and it would provide cryptocurrency exchange and OTC services to 20 countries in Europe.
🦓 @Zebpay is not shutting down, it is setting up for global domination 🇪🇺🇲🇹🇸🇬🇮🇳
— IndiaBits (@indiabits21) October 12, 2018
On Zebpay’s website, under the terms of resolution, the company mentioned a Malta-registered entity called Awlencan Innovations Malta Ltd. The company was established on September 17. The site also shows a list of 20 countries in which Zebpay plans to offer its services. The list includes Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, and Sweden.
Zebpay said that customers can have one account for Know-Your-Customer (KYC) purposes. Various accounts with same KYC documentation is not allowed for additional registrations. Zebpay provides the platform for matching orders.
While Zebpay is moving its operations from India to Malta, Unocoin, the crypto exchange launched the first cryptocurrency ATM in Bengaluru. Unocoin’s KYC verified customers can use the ATM to deposit and withdraw INR from their Unocoin account.