Top Indian exchange Zebpay moves to Malta after central bank blockade

posted 7 months ago
The harsh cryptocurrency regulatory climate in India has turned out to be a gift for the self-styled blockchain island of Malta, as one of the cryptocurrency exchanges that recently shut down in the world’s 2nd most populous country has decided to move operations there. Zebpay, one of the biggest exchanges in India, has registered an office in Malta with a view of serving not just citizens and residents of the island nation but also 20 countries whose residents and citizens are eligible to access its cryptocurrency exchange services.

In Malta, Zebpay has been incorporated under the name Awlencan. The exchange went on to state: “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.” Zebpay was launched 3 years ago and has amassed 3 million users with hundreds of thousands of new users joining each month prior to the banking freeze by India’s central bank.
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