The ban on cryptocurrency by governments has once again led to a major exchange closing down its doors and move overseas. This time round Zebpay a popular exchange platform in India with over 3 million users had to close down due to the recent ban by the RBI.
Through the circular local banks under the Reserve Bank of India jurisdiction were ordered to stop providing financial services to crypto business operating within its borders. Although several petitions against the ban are in front of the Indian Supreme Court, on many occasions the cases were postponed.
Zebpay Branches Overseas
While closing down its operations in India, Zebpay was setting up other entities to spearhead its global operations. One firm was set up in Malta while the other in Singapore. According to information posted on its website, Awlencan Innovations Malta Limited is registered in Malta while Awlencan Innovations Pte. Ltd in Singapore.
“Awlencan Innovations Malta Limited is a Maltese registered company which owns and runs Zebpay virtual financial assets exchange platform in Malta. Moreover, Awlencan Innovations Malta already has offices at 48, Triq Stella Maris, Sliema, SLM 1765.”
It was set up on September 17 and is registered under number C-88318. Under its Maltase Company, Zebpay will be providing OTC and cryptocurrency exchange services to 20 countries in the European region. They are Sweden, Slovenia, Portugal, Poland, Netherlands, Italy, Latvia, Hungary, Ireland, Greece, Germany, France, Finland, Denmark, Czech Republic, Cyprus, Croatia, Bulgari, Belgium, and Malta. For security purposes, the opening of multiple accounts with the same know-your-customer details will not be accepted.
In addition to increasing its global footprint, Zebpay went ahead and set up Awlencan Innovation Pte Ltd in Singapore. The latter is a blockchain technology company based in Singapore and was established in May. On the other hand back in India, while closing down its doors on September 28, Zepay also set up Awlencan Innovations India Ltd.
Although the ban by the RBI has led to some exchanges exiting the Indian cryptocurrency industry the move has led to the growth of peer to peer trading. In the leading front are smaller crypto exchanges which have launched exchange-escrowed P2P trading. Instead of the ban clamping down of crypto exchange it has led to the growth of P2P trading in India. Many crypto enthusiasts in India are still finding ways to trade in cryptocurrency although the ban is still active.