Indian Crypto Exchange Offers Reimbursement for Withdrawal Fees
Indian crypto exchange BuyUcoin has announced that it will reimburse the entire withdrawal fees for local users transferring their assets from offshore exchanges amid an ongoing crackdown. The FIU-IND, a unit of the Finance Ministry, recently issued show cause notices to numerous offshore crypto exchanges for non-compliance with the Prevention of Money Laundering Act. As part of BuyUcoin’s initiative, users will be reimbursed for the withdrawal fees upon submission of proof of payment. The platform is also offering a 1% bonus to users transferring their digital assets to BuyUcoin.
Competition Among Indian Exchanges
CoinDCX, another Indian crypto exchange, is also capitalizing on the government’s crackdown on offshore crypto trading platforms. CoinDCX has set aside $1 million as incentives for investors looking to withdraw from offshore exchanges, offering a 1% bonus with a cap of Rs 10,000 per person. Since the show cause notices were served, CoinDCX has reported a nearly 2000% surge in deposits.
Hot Take: Indian Crypto Exchanges Adapt Amid Government Crackdown
As Indian authorities continue their crackdown on offshore crypto exchanges, Indian crypto platforms like BuyUcoin and CoinDCX are adapting by offering incentives and bonuses to attract users. These initiatives aim to provide a regulated environment and create a strong security layer around India’s digital asset ecosystem while ensuring user protection. By reimbursing withdrawal fees and providing bonuses for asset transfers, these exchanges are positioning themselves as viable alternatives for users looking to move away from offshore platforms. The competition among Indian exchanges highlights their efforts to capitalize on the changing regulatory landscape and win over users in the country.
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