Zebpay, formerly one of India’s largest cryptocurrency exchanges, has launched in Europe. Euro deposits, withdrawals, and trading are now live in 21 countries. While the exchange is not accepting new registrations from India, existing users can continue to use its wallet app.
Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations
Zebpay Launches in 21 Countries
Zebpay announced on Tuesday that its European exchange is now live. “We have recently expanded our global footprints in Europe with our exchange and wallet enabling crypto-to-crypto trading,” the company wrote, adding:
We are live with euro deposits/withdrawals and trading in 21 countries (Malta, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Poland, Portugal, Slovenia, Sweden, Austria) in Europe for users and corporate investors.
Customers need to sign up for an account and go through Zebpay’s know-your-customer (KYC) procedures. “After successful KYC and bank verification,” customers can then deposit euros into their Zebpay euro wallets via bank deposits, the exchange detailed. They can also trade BTC against the euro on the Zebpay exchange and withdraw fiat from the wallets. “We will soon add more digital assets that can be traded with euro,” the company wrote.
For its European grand opening, Zebpay is offering zero-fee euro deposits as well as zero maker fees. Customers will also receive a reward of 0.25 percent per transaction. The offer is valid until Dec. 31 for supported euro and crypto-to-crypto trading pairs, currently BTC/EUR, ETH/BTC, LTC/BTC, XRP/BTC, BCH/BTC, EOS/BTC, and TRX/BTC.
Indians Cannot Register
In September, Zebpay closed down its exchange service in India due to the banking ban by the Reserve Bank of India (RBI). At the time, the exchange claimed to have over 3 million users. Zebpay subsequently set up subsidiaries overseas. The company is registered in Malta under the name Awlencan Innovations Malta Ltd.
Another related entity is Zeb Ventures Pte. Ltd. Zebpay explained that this Singapore-registered company “is engaged in the service of providing a platform for the buying and selling of bitcoins and other cryptocurrencies through its mobile application known as Zebpay App, being listed on Android and iOS platforms.” The exchange’s website states:
We are not accepting new registrations from India.
The crypto banking ban in India is still in effect but the country’s supreme court is scheduled to hear all of the petitions against the ban in January 2019. Meanwhile, the crypto community is eagerly awaiting the recommendations submitted by the government panel headed by Subhash Chandra Garg, the country’s Economic Affairs Secretary.
What do you think of Zebpay launching an exchange in Europe and disallowing Indians to register? Let us know in the comments section below.
Images courtesy of Shutterstock and Zebpay.
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