On the 28th day of Sept, a news report from a reliable source reported that, Zebpay crypto exchange, one of India’s biggest cryptocurrency exchange had pulled down its shutters in the country. News reaching us states that it now has a registered office in Malta and it’s almost set to resume operations fully any moment from now.
The exchange intends to serve not just the residents and citizens of the island country, but also other European nations. Zebpay already has a registered office in Singapore. India’s stringent regulatory supervision is forcing crypto exchanges to exit the country for foreign shores.
It all started in the month of April, this year. An announcement was made by the the Reserved Bank Of India enacting the Ban of cryptocurrency within the country, in an effort to keep its citizens free from frauds related to crypto biz. The new law in the country prohibited Indian banks from entering into any kind of business relationship with cryptocurrency traders and digital currency bourses from the month of July onwards, this year. This was actually the reason why the exchange took to the notice of the news agency, Quartz India report, that it will completely stop its operations in India that same day.
Malta has of late become the “Go To” destination for a lot of crypto exchanges as the island nation provides transparent regulations that are more favorable towards virtual currencies. The RBI’s banking freeze that was announced in April has had a negative impact not just on exchanges like the Zebpay crypto exchange, but also on the wider blockchain ecosystem in India.