Zebpay was the biggest crypto exchange in India before the banking ban, where the Indian government outlawed crypto exchanges from using banks. Peer to peer trading platforms have since proliferated in India, but Zebpay determined that meaningful business could not be done without bank accounts closed down on 28 September 2018. This caused Zebpay to lose 3 million investors, which is actually half of the total investors in India. Now Zebpay has moved to Malta, which has the nickname blockchain island, and will be serving 20 European countries. Zebpay is now incorporated under the name Awlencan Innovations Malta Limited.
India is notably absent from the list of 20 countries which Zebpay is available in. Exchanging crypto in India is impossible from a distance due to the continued banking ban. The European countries Zebpay now serves include Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, and Sweden.
Zebpay’s abandonment of India and proliferation into the global market is reminiscent of the major Chinese exchanges after the 2017 fiat to crypto ban in China. Huobi, OKCoin, and Binance were the biggest exchanges in China, and after some temporary turbulence they have re-established themselves overseas in many different countries and are stronger than ever. Indeed, Binance and OKEx, which is intimately linked to OKCoin, have also established businesses in Malta, which is part of the reason it has been nicknamed blockchain island.
It seems Malta is the place to go when a crypto exchange has to flee a hostile nation. The Prime Minister of Malta, Joseph Muscat, considers crypto to be the inevitable future of money and warmly welcomes any blockchain or crypto firm.
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