One of the largest cryptocurrency exchanges in India–Zebpay, which shut its operation last month, now has moved to Malta. Before the RBI ban, the company used to process more than half of cryptocurrency transactions in India.
With a registered office in Malta, Zebpay’s new exchange will be providing services to residents of about 20 Europian countries including Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France, Germany.
According to Zebpay’s terms and conditions, Indian citizens have been completely banned from transacting on its platform.
Crippled by the RBI diktat of not allowing banks and crypto exchanges to undertake any virtual currency-related transactions led Zebpay to halt its operation. On the other hand, Malta accounts for the highest share in global cryptocurrency trading volume. Unlike India, it provides transparent and more favourable regulations towards virtual currencies.
The company’s shifting its operation to another country also raises a question on Indian government’s ability to deal with cryptocurrency matter. Following the RBI ban, many cryptocurrency exchanges had challenged the decision and the matter went to the Supreme Court. However, due to dilly-dallying in the final decision, these crypto platforms have been started to look for an alternative way.
Meanwhile, other crypto exchanges have criticise the move by Zebpay and expected it to wait for the final decision by the apex court.
The Zebpay deteriorating condition started after the RBI’s decision in April. Two months later, the crypto platform asked its users to withdraw money before the banking regulator’s deadline.
The development was first reported by Quartz India.