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Last Updated : Oct 18, 2018 06:05 PM IST | Source: Moneycontrol.com

Zebpay sets up overseas operations after suspending Indian services

In September, the Ahmedabad-based company tweeted that it was freezing exchange services, cancelling unexecuted orders, and crediting funds to customers’ wallets

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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.

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.

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First Published on Oct 18, 2018 06:05 pm
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