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Indian Crypto Exchanges Attract Binance and OKX Users Following FIU Ban

1 Mins read
Indian Crypto Exchanges

The recent directive by India’s Financial Intelligence Unit (FIU) barring several foreign cryptocurrency exchanges from operating in the country had left many Indian crypto investors in a lurch with no clarity over their crypto holdings. However, major domestic cryptocurrency exchanges in India have now come forward to ease their transition with attractive fee-waiver deals. This movement has found a credible solution to the ongoing crypto problem in India.

Indian crypto exchanges offer fee waivers

Indian Crypto Exchanges

Recognizing the urgent need to reassure stranded investors, leading homegrown crypto exchanges CoinDCX, BuyUcoin, and WazirX announced zero or nominal fee provisions for users transferring assets from offshore platforms impacted by the FIU order. CoinDCX allocated $1 million to facilitate such transfers and a 1% bonus to new users. Similarly, BuyUcoin and WazirX waived all fees and offered an additional 1% incentive.

This proactive step by domestic players successfully addressed concerns over the uncertain status of holdings. It paved an accessible path for over $4 billion worth of Indian investments reportedly parked abroad to find a safe local harbor while ensuring business continuity. With simplified onboarding processes and incentives, Indian exchanges have seen a substantial influx covering all parameters since making their offers public.

Long overdue but necessary move

Indian Crypto Exchanges

Views from the exchanges indicate the FIU directive was necessitated to establish a robust regulatory framework aligned with domestic laws. Previously, foreign outfits exploited regulatory gaps at the cost of their Indian counterparts losing market share and the exchequer missing out on taxes.

However, the moves also caught several traders unawares initially. Indian exchanges then stepped up to champion investor protection and regulatory compliance. Their timely assistance campaigns eased panic by restoring confidence in the legitimate growth of virtual assets within the legal confines of the nation.

After the recent crypto crisis, domestic players in India have seized the opportunity. Their proactive approach addressed issues surrounding the FIU order while attracting a new user base. If sustained with continued innovation and responsibility, it might help establish the nation’s virtual asset space on an equitable, compliant, and prosperous trajectory for the future.

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About author
Monique Morgan is a seasoned financial analyst and cryptocurrency expert, well-versed in blockchain technology. With a proven track record of success, she excels in identifying profitable opportunities within the dynamic crypto market. Through her articles, guides, and educational resources, Monique shares her valuable insights and knowledge, empowering traders to make informed decisions. Her keen eye for market patterns allows her to navigate the volatile crypto landscape with confidence, making her a sought-after contributor to the Ailtra platform. Stay tuned for Monique's expert advice and perspectives on the ever-evolving world of cryptocurrencies.
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