India’s Zebpay sets up overseas operations

After suspending its trading operations in India, cryptocurrency exchange Zebpay is reportedly setting its sights on “global domination.”

Zebpay has yet to make an official announcement about its overseas operations plans. However, Indiabits tweeted last week that the Indian crypto company has set up entities in Singapore and Malta, which reportedly will enable it to “provide cryptocurrency exchange and OTC services to 20 countries in Europe.”

On its website, Zebpay identified Awlencan Innovations Malta Ltd., a Maltese registered company, which owns and operates the Zebpay VFA Exchange Platform in Malta. Awlencan Innovation Pte. Ltd., meanwhile, is a Singapore-based blockchain company that was formed in May 2018.

Zebpay is planning to offer cryptocurrency exchanges services and OTC services to 20 countries in Europe, according to Indiabits. These countries include Belgium, Malta, Croatia, Bulgaria, Cyprus, Czech Republic, Finland, Denmark, France, Greece, Germany, Hungary, Italy, Ireland, Sweden, Slovenia, Portugal, Poland, Netherlands, and Latvia.

Zebpay will not extend its services to restricted jurisdictions, especially those sanctioned by the United States like Iran and Venezuela. The company will also not offer its services to the customers in U.S. and Japan.

For its new operations, Zebpay stated that it would exercise strict know your customer (KYC) and anti-money laundering processes. All customers will be allowed to have only one account. Any accounts with same identification details will be closed.

The decision to increase its global reach comes two weeks after the company announced that it would be shutting down its cryptocurrency exchanges in India. According to reports, Zebpay closed shop in India following the Reserve Bank of India’s ban on all crypto-related businesses.

At the time, Zebpay stated that they were unable to continue their operations in India as they could not find reasonable ways to run their services without drawing the ire of the authorities. Despite being one of India’s largest cryptocurrency, the current crypto situation forced Zebpay to look for better markets. Many entities in the country have challenged the RBI ban. The matter has been taken to the Supreme Court and is yet to be resolved.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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Zebpay trading shuts down amid regulatory pressure in India

One of the largest cryptocurrency exchanges in India, Zebpay, has called it quits.

Last week, Zebpay announced that it is ceasing all digital currency-related trading on its platform, effective Sept. 28. The exchange cited the “extremely difficult” conditions that crypto-related businesses had to operate in recently as the reason behind its shutdown.

In a blog post, the exchange explained, “The recent apst has been extremely difficult. The curb on bank accounts has crippled our, and our customer’s, ability to transact business meaningfully. At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.”

The announcement comes several months after the Reserve Bank of India (RBI) ordered banks across the country to stop offering financial services to crypto exchanges.

It has been three months since the RBI issued a deadline to the banking industry in the country. Despite the ban, Zebpay said it has continued serving customers in the hope that things would turn around. They did not want people in the country to miss opportunities in digital currencies; however, due to the hard conditions, they have had to stop their operations.

Since its launch in 2015, Zebpay has made a name for itself in India. It was currently among the few crypto exchanges that had managed to survive after the government crackdown on crypto exchanges in the country. At one point Zebpay was the most downloaded app hitting 200,000 downloads and with an annual turnover of INR500 crore.

The cryptocurrency exchanges community in India has suffered tremendously over the last couple of months. Many have moved to fight RBI’s ban, but the Supreme Court in India has yet to make a final decision on the matter. While waiting for the Supreme Court’s decision, exchanges in the country have turned to other alternatives, like offering crypto-to-crypto only trading, just stay afloat.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

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