It seems that the saga of India’s erstwhile largest cryptocurrency exchange is not over yet. Zebpay, which shocked the entire industry with a sudden announcement of closure about two weeks ago, seems to have some other plans in store. Based on the latest information coming out from company registration offices of Singapore and Malta it’s looking that the company is now setting its eyes on the global game of cryptocurrencies (which is why it might’ve chosen to get out of India).
That’s right – Zebpay might’ve shut down in India, but they’re looking all set to go global. They’ve registered two new companies in the recent months, namely Awlencan Innovations Pte. Ltd. (Singapore) and Awlencan Innovations Malta Limited (Malta). The Singapore-based company was registered in May, while Malta-based entity has been registered on September 17 (10 days before the announcement of closure in India).
If information filed with both these company registrars is to be believed, Zebpay is now looking all set to provide the services of cryptocurrency exchange and OTC trading in 20 European countries. The countries will include:
- Czech Republic
- And Belgium.
The client asset accounts may be denominated in Euro, USD, GBP or any other base currency as decided by the company and allowed by the legislation of these countries. We may hear an announcement from the company in this regard within the next few days when their products for these markets are ready.
Being Left Behind
As Zebpay is taking the steps one after another, it’s becoming clear that they were leaving hints around these developments all along since last few months. It’s just that no one could pick those hints to predict what was going to happen. As WazirX CEO Nishcal Shetty said after the shutdown of company that signs were visible all along, it’s turning out that company’s CEO Mr. Ajeet Khurana had hinted on the possibility of going global as well if too much time is consumed by Indian regulators in legalizing the market. He had said during an interview to Global Rashid’s YouTube channel at International Blockchain Conference in Hyderabad that if it takes too long for this matter to be resolved, they’ll be left a lot behind in the race.
Moreover, when asked specifically about what will Zebpay do if favorable regulations are not enacted in time, he had said that in such a situation they won’t have any option before them. They’re not doing P2P because it has many shortcomings for customers, so they won’t have any option to continue business in India if things are not fixed in time. In another interview to Crypto Kanoon he had added that Zebpay has explored crypto businesses abroad even before it was founded in India, but they don’t want to pursue those opportunities until the decision of the court is announced. But now when the court decision is being delayed endlessly, it’s no surprise that they might’ve considered it better to embrace the foreign opportunities instead of scratching heads with Indian regulators. You can watch both interviews below:
What about India?
India has always been kept behind by its policymakers in leading areas of innovation, and this time is no different. It would have been great if Zebpay would’ve expanded internationally while staying in India, but now when it has not been able to do so what else we can expect from them? The best they can do now for the country is providing services to Indian users from their new base in Malta/Singapore like other overseas exchanges do.