Indian Crypto Exchanges Step Up to Help Binance and OKX Users
After the ban on offshore crypto exchanges by India’s Ministry of Finance Financial Intelligence Unit (FIU), Indian crypto exchanges are offering solutions to affected users. The FIU’s ban has led Indian investors to search for secure and compliant alternatives for their crypto assets.
Prominent Indian exchanges, including CoinDCX, WazirX, and BuyUcoin, are rolling out initiatives to facilitate the seamless transfer of assets from banned foreign exchanges.
CoinDCX Offers 1% Bonus for Binance and OKX Users
CoinDCX has allocated a $1 million fund to help users transfer their assets to compliant platforms. They are offering hassle-free crypto deposits with a 1% bonus to support a smooth transition. The bonus is valid until January 18, 2024, and withdrawals can be made starting February 17, 2024.
Zero-Fee Transfers to BuyUcoin India
BuyUcoin is offering zero-fee transfers for users looking to move assets from offshore exchanges in alignment with the FIU ban. The CEO of BuyUcoin expressed support for the FIU’s measures and emphasized the importance of investor protection and adherence to capital flight rules.
WazirX Introduces a Bonus for Transfers
WazirX is providing a 1% bonus for users transferring their crypto holdings to its platform. The bonus is available for 27 coins, and users who hold or trade for 30 days are eligible. Additionally, three lucky users have the chance to win WRX worth ₹9,999.
FIU Issues Non-Compliance Notices
In December, the FIU issued non-compliance notices to several foreign exchanges, including Binance and OKX, for operating illegally in India. This led to the removal of these exchanges from Apple’s and Google’s app stores. The ban has created a sense of urgency among users who had relied on offshore exchanges to avoid a 30% crypto tax.
Hot Take: Indian Exchanges Provide Relief for Binance and OKX Users
With the ban on offshore exchanges in India, local crypto exchanges are stepping up to offer solutions for affected users. CoinDCX, BuyUcoin, and WazirX are providing various incentives such as bonuses and zero-fee transfers to facilitate the transition of assets. These initiatives aim to ensure that Indian investors have secure and compliant alternatives for their crypto holdings. The actions taken by Indian exchanges reflect their commitment to investor protection and compliance with regulatory measures. As the crypto landscape continues to evolve, it is crucial for users to stay informed about the latest developments and choose platforms that prioritize their security and compliance needs.
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