- Zebpay suspended activities in India at the end of September.
- Company has opened new office in Malta to serve 20 countries.
- India’s Supreme Court yet to finalize hearing of case protesting ban.
After suspending operations in India following the country’s central bank ban on banking services for crypto companies, Zebpay is expanding its presence globally. The company has set up operations in Malta and Singapore and plans to expand to Europe later.
Zebpay Goes Overseas
Zebpay, an India based cryptocurrency exchange platform recently posted information on its website about its overseas operations even though it’s yet to make any official announcement about them. Meanwhile, a Twitter community of cryptocurrency enthusiasts called IndiaIndiabits tweeted on Friday, October 12, 2018, mentioning two overseas entities in Singapore and Malta. The group tweeted:
🦓 @Zebpay is not shutting down, it is setting up for global domination 🇪🇺🇲🇹🇸🇬🇮🇳
— IndiaBits (@indiabits21) October 12, 2018
“Awlencan Innovations Malta Limited (C-88318), a Maltese registered company with office address situated at: 48, Triq Stella Maris, Sliema, SLM 1765, Malta, which owns and operates the ‘Zebpay’ VFA [virtual financial assets] exchange platform in Malta.”
The page listed 20 countries which Zebpay will serve including Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, and Sweden.
Zebpay also explained the implementation of a fresh Know-Your-Customer (KYC) process that requires every client to have only one account explaining that “multiple accounts with the same KYC documentation will not be eligible for registration of additional accounts.” The company further stated:
“Zebpay provides the platform to match the orders, and prices are therefore set by the market forces of supply and demand.”
On its legal page, the exchange added that Zebpay will mean and include Awlencan Innovations Pte. Ltd. incorporated in Singapore.” Awlencan was established in May and is registered in Singapore as soon as the Reserve Bank of India issued a circular barring the financial institutions it controls from offering financial services to crypto-related businesses.
The company also registered Awlencan Innovations India Ltd. On September 28, 2018 the day after they suspended exchange activities in India and has three registered directors, one of whom is Kailash Atmaram Singhal who is also listed as a director of Zeb It Service Ltd., which operated the Zebpay exchange in India.
Crypto’s Future Uncertain in India
Zebpay was India’s leading cryptocurrency exchange but was forced to shut down at the end of September following a banking ban by the Reserve Bank of India (RBI). Several petitions have been filed against the ban that took effect in July but the country’s Supreme Court is yet to finalize the hearing.