The unfavourable conditions for cryptocurrency in India turned out to be a great benefit to the island of Malta as the biggest coin exchange of India, Zebpay has moved its operations to the former country.
As per RBI’s order, banks cannot provide financial services to crypto exchanges anymore. Soon after 5 months of this order, Zebpay announced the closure of its activities. It now has a new registered office in Malta and an old one in Singapore.
The reason behind its closure is that the Indian Finance Ministry believes that trading in bitcoin and virtual currencies is extremely risky and unprotected. Last year in December the Finance Ministry said that virtual currencies are neither coins nor currencies because they are not secured as government fiat money and hence cannot be termed as a ‘legal tender.’
On 28th September, Zebpay published that it will cancel all the unexecuted crypto-to-crypto orders and credit their customers’ coins/tokens back to their Zebpay wallets. However, it was also reported that the Zebpay wallets will work even after the closure of its activities. The customers will be free to deposit and withdraw coins/tokens in their wallets.
Zebpay is the source of the emergence of cryptocurrency in India. Lakhs of Indians stepped into the cryptocurrency world using the Zebpay app. Despite facing many banking and regulatory problems the app claims to always look for solutions and continue. But since RBI changed its policies, the past has been extremely difficult for the company as the bank destroyed the ability of the company as well as its customers’ ability to execute meaningful exchanges.
Zebpay’s new services will be rendered to 20 European countries now excluding India. Investors in Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, and Sweden can also participate in transaction using the Zebpay app.