Just months after closing down its Indian exchange platform, Zebpay has started operations in Europe. While the company has not officially released a statement yet, Zebpay has dedicated pages on its website for European investors which were updated last week. CoinCrunch also confirmed the development through a tweet yesterday.
Zebpay is now available in 21 countries across the region. The countries
Interestingly, Zebpay has also mentioned on its website that it is registered in Malta under Awlencan Innovations Malta Limited which owns and operates the Zebpay VFA exchange platform in Malta. We had reported about this back in October. This ends months of speculation that Zebpay was a registered entity in Singapore.
Indians cannot use Zebpay’s European exchange
Since it is governed by European regulations, it is quite obvious that Indian users cannot trade on the platform. Zebpay has said that Indian users can continue using their wallets for deposits and withdrawals. We may expect more on this when Zebpay comes out with an official announcement regarding its European launch.
Notably, Zebpay had copped a lot of flak after it shut down a couple of months ago. The exchange had halted its operations after the RBI banking ban made it extremely difficult to run the exchange business sustainably in India. While other Indian cryptocurrency exchanges innovated through P2P platforms, Zebpay stayed away from it.
It has now taken a completely different approach by moving to a more crypto-friendly region. With the right infrastructure in place, it is quite a smart move to shift base to Europe and try to grab a piece of the nascent cryptocurrency market. It is also good to see an Indian cryptocurrency exchange trying to make a global presence.
Crypto Brain Drain now a reality
The migration of crypto businesses is outside India is reminiscent of the brain drain which occurred during the peak of the IT boom in early 2000. With a lot of the businesses, entrepreneurs and blockchain developers now venturing outside India, it seems history is being repeated through a new ‘crypto brain drain’.
This should serve as a warning sign to the Indian government who are only accelerating the crypto brain drain by taking a negative stance towards cryptocurrencies. Countries like Malta, Singapore and South Korea have taken a positive stand towards cryptocurrencies and continue to attract the top crypto talent from across the globe. We urge regulators to reconsider their hostile attitude towards cryptocurrencies.
Image credit Zebpay