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Relocating to Blockchain Island Due to Strict Regulations

Zebpay, India’s largest cryptocurrency exchange, is heading for Malta! Following in the footsteps of major platforms Binance and OKEx, the exchange has had no choice but to move its operations to the ‘blockchain island’ amid strict regulations in India.

Zebpay Moves to Malta

The exchange shut down its operations in India last month, due to strict regulations issued by the Reserve Bank of India (RBI) in April. The RBI dictated that banks cease business with any firms relative to cryptocurrency.

As such, Zebpay was forced to disable Indian Rupee deposits and withdrawals, and with a lack of funds, closed its exchange service across India. The company has lost some three million investors in light of this closure.

Zebpay in Malta

However, Zebpay in Malta will mean a bigger opportunity for the exchange. It will serve over 20 European countries with its support for over 20 cryptocurrencies.

However, it now won’t be accessible to users in India.

Instead, it will serve massive markets such as Germany, Sweden, and France, but breaking into the European market will be tough. It will have to work hard to regain some of those millions of lost users.

>> Ripple (XRP) and Litecoin (LTC) Make Moves in the Shadows

The European exchange market is a fruitful one, but it comes with massive competition.

Zebpay and the Malta Crypto Hub

Malta is a favorable jurisdiction for crypto business due to its transparent and fair regulations. Even its own prime minister has been touted as saying that cryptocurrency is “the inevitable future of money.”

Malta is positioning itself as a crypto hub with hopes of enhancing its economy and infrastructure by bringing these types of businesses to its shores.

Strict Asian regulations meant that Binance and OKEx were forced to move to Malta. And now Zebpay is the same. While this means great business for Malta, will India regulation authorities sit up and take notice?

Featured Image: Depositphotos/© egal

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Zebpay Closes Fiat | Rupee Withdrawal & Deposit Halted in Crypto Ban

Zebpay closes fiat: The largest cryptocurrency exchange in India, Zebpay, has suspended fiat deposits and withdrawals as a result of the India crypto banking ban.

Zebpay Closes Fiat: Deposits and Withdrawals Suspended

Zebpay users will not be able to withdraw rupees until the cryptocurrency exchange finds a banking service that allows the withdrawal.

The company states that in the meantime, its users can place a withdrawal request and it will return the rupee balance when a financial system is found.

>> India Crypto Banking Ban

The announcement also specifies what would happen if Zebpay accounts were compromised in the interim. The press release says:

“As a responsible corporation, we regard customer-protection and market-integrity as our primary objectives. In light of that, please note that if Zebpay bank accounts are disrupted, rupee deposits and withdrawals will become impossible. This can cause discontinuation of crypto trade based on rupees, or at least cause significant price movements. This is something you should keep in mind if you choose to hold rupees in your Zebpay account.”

Zebpay warned its users on June 21st that this could be a possibility, and it has come to fruition.

Reserve Bank of India (RBI)

Tomorrow, the Reserve Bank of India (RBI) will prohibit all financial institutions from providing services to companies within the cryptocurrency sector. There have been several legal attempts to revoke this ban, but the Supreme Court has denied all of them.

There will be four petitions that will be heard by the Supreme Court on July 20th, and we could potentially see a reversal of the ban at this time.

Featured Image: designer491

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