The key crypto exchange in India – Zebpay – reportedly relocates the business to Malta.
Zebpay used to the major crypto trading platform in India but has shut down this business facing sharp restrictions of the Central Bank of India for digital assets. As a result, the platform announced about the suspension of crypto trading services in late September. After that, the company stated that wallet services would remain available, so clients could make deposit/withdrawal operations without problems.
For now, Zebpay runs an office in Singapore and the new one in Malta. The Malta-based business will be opened for residents from more 20 EU members, though its doors will be closed for the Indians.
The company is yet to comment on the official launch date.
Zebpay was launched back in 2015. It managed to cover practically half of all bitcoin holders in India (5-6 million people). The platform has its own iOS/Android application for crypto exchange of 20 digital coins. According to the data provided by the platform, the application was downloaded by 3 million users.
For reference, this July the Supreme Court of India extended the ban on crypto operations. Meanwhile, in August there were some rumours that India could consider cryptos as commodities.