Crypto Exchange Zebpay Europe Rolls Out Bitcoin(BTC)-Euro Trading

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The decision comes three months after the company shut down its main exchange in India due to the local cryptocurrency ban.

India-based digital coin exchange Zebpay has opened a crypto-to-fiat service in Europe as part of its relaunch strategy after the company halted all services in its domestic market in October. Based in Malta, Zebpay Europe introduced on Tuesday Bitcoin (BTC) trading in euro in 21 of the 28 European Union (EU) member states.

The BTC-EUR pair is open for retail and institutional investors after they successfully complete the know-your-customer (KYC) procedure and bank account verification. KYC includes nationality, ID, and address proof. Bank accounts in Indian rupee are not allowed, according to the Zebpay website.

“We will soon add more digital assets that can be traded with Euro,” the exchange said in a blog post.

Currently, the crypto-to-fiat service is available to citizens of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Netherlands, Malta, Poland, Portugal, Slovenia, and Sweden. The trading is not allowed in one of the largest EU markets - the United Kingdom.

Zebpay was at one time among the largest Indian crypto markets. However, on October 1, the company shut down its services in the country after the Reserve Bank of India (RBI) banned all regulated financial institutions, including banks, from doing business with virtual asset-related companies.

In mid-October, Zebpay relaunched its services in Malta through a newly-registered subsidiary called Awlencan Innovations Malta Limited. Zebpay Europe trading in euro is subject to the EU Anti-Money Laundering Directive (AMLD), whose fifth revision earlier this year implemented obligatory due diligence procedures for crypto-to-fiat services. Crypto-to-crypto exchange operations are outside the scope of the AMLD.

Currently, Zebpay supports crypto-to-crypto trading in 20 assets: BTC, Ethereum (ETH), XRP (XRP), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Litecoin (LTC), EOS (EOS), Basic Attention Token (BAT), Tron (TRX), OmiseGo (OMG), 0x (ZRX), Golem (GNT), Augur (REP), CyberMiles (CMT), Aeternity (AE), Kyber Network (KNC), IOST (IOST), Zilliqa (ZIL), Nucleus Vision (NCASH), and TrueUSD (TUSD).

Zebpay Europe bans customers from several countries, among them USA, India, Japan, Belarus, Iran Iraq, Sri Lanka, Yemen, Pakistan, and Afghanistan.


Source:  CRYPTOVEST