Zebpay sets up overseas operations after suspending Indian services

Zebpay has reportedly set up operations, in the form of two companies, in Malta and Singapore.

According to the cryptocurrency exchange’s website, a Maltese registered company called Awlencan Innovations Malta, owns and operates Zebpay’s VFA (virtual financial assets) exchange platform in Malta.

As per a report by Bitcoin.com, a community of blockchain and cryptocurrency enthusiasts called IndiaBits tweeted that both the Malta and Singapore operations will provide exchange and over-the-counter services to 20 European countries including France, Germany, Ireland, Italy, and more.

@Zebpay is not shutting down, it is setting up for global domination

CC @mahingupta @AjeetK @GoenkaSandeep pic.twitter.com/ZPkoyQWDmD

— IndiaBits (@indiabits21) October 12, 2018

This is supposedly Zebpay’s foray into global markets but, according to a report by Coingeek, services will not be extended to customers in the US and Japan, as well as to restricted jurisdictions such as Iran and Venezuela.

This comes nearly a month after Zebpay announced it would be shutting down exchange services in India, due to the Reserve Bank of India’s ban on banks providing financial services to any individual and/or business dealing in cryptocurrency.