Top Indian Exchange Zebpay Moves to Malta Following Central Bank Ban

The punitive cryptocurrency regulatory atmosphere in Indian has to turn out to be a blessing for the self-styled blockchain island of Malta as of the cryptocurrency exchanges recently shuttered in the world’s second most populous country have decided to move to the country.

Zebpay, one of the biggest exchanges in India, has registered an office in Malta with the hope of not only serving the citizens of Malta but also other European countries. In the Terms of Use page on its website, Zebpay lists 20 countries whose citizens and residents are qualified to access its cryptocurrency exchange services. Aside from Malta, others include major European countries include France, Germany, Italy, the Netherlands, Ireland, Sweden, and Denmark.

In Malta, Zebpay has been integrated under the name Awlencan, according to its website:

“For all intents and purposes, Zebpay shall mean and include below – 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 Exchange Platform in Malta, hereinafter referred to as “Awlencan” or “Zebpay” or “company”…”

Zebpay’s decision to close its Indian operations was reported in September and this was attributed on the move by the Reserve Bank of India to sanction the financial institutions that it controls from providing banking services to crypto businesses.

“The curb on bank accounts has crippled us, and our customer’s, ability to transact business meaningfully,” Zebpay wrote in a statement at the time as CCN reported. “At this point, we are unable to find a reasonable way to conduct the cryptocurrency exchange business.”

The banking ban which was announced in April has not only impacted cryptocurrency exchanges but also the general blockchain ecosystem in the world’s sixth-largest economy by nominal GDP.