CoinDCX Allocates $1 Million for Crypto Asset Transfers
Indian cryptocurrency exchange, CoinDCX, has set aside $1 million to assist investors in transferring their crypto assets from overseas exchanges that are not compliant with the Financial Intelligence Unit (FIU).
Bonus Offer for Foreign Exchange Deposits
In addition to aiding non-FIU compliant trades, CoinDCX will also offer a 1% bonus on foreign exchange deposits made on their platform between January 9 and January 18.
The exchange aims to support users who wish to migrate their crypto from non-compliant offshore exchanges to FIU-registered entities.
Retrieving Assets After Government Crackdown
The FIU had previously issued a show cause notice to nine offshore crypto exchanges for illegally operating and violating India’s anti-money laundering laws. The Ministry of Electronics and Information Technology (MeitY) was instructed to restrict the URLs of these exchanges.
Fortunately, CoinDCX was not on the list of banned exchanges and has been recognized as a transparent and safe platform by Forbes.
Surge in Cryptocurrency Deposits
CoinDCX experienced a 2000% increase in cryptocurrency deposits on its platform following the FIU warnings. To incentivize users, the exchange is offering a 1% bonus for transferring crypto deposits from offshore businesses.
The maximum bonus per user is capped at Rs 10,000.
Minal Thukral, Executive Vice President (Growth & Strategy) at CoinDCX, emphasized the importance of supporting investors in transitioning their assets from non-FIU compliant offshore exchanges.
Hot Take: CoinDCX Prioritizes Investor Safety with Crypto Asset Transfers
CoinDCX’s decision to allocate $1 million for assisting users in transferring their crypto assets from non-compliant offshore exchanges demonstrates its commitment to investor safety and regulatory compliance. By offering a 1% bonus on foreign exchange deposits and supporting the migration of assets to FIU-registered entities, CoinDCX aims to provide a secure and transparent platform for cryptocurrency trading in India. The surge in cryptocurrency deposits following the government’s crackdown on illicit activities further highlights the trust and confidence investors have in CoinDCX. As the crypto industry continues to evolve, CoinDCX remains at the forefront, prioritizing user needs and fostering a safe environment for digital asset management.
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