Binance has allowed Indian traders to transact cryptocurrency in rupees
Binance has allowed Indian traders to transact cryptocurrency in rupees
Crypto exchange Binance has enabled Indian users to buy and sell cryptocurrency in rupees.
When buying or selling in rupees (INR), deals are made using local bank accounts or payment services such as Google Pay.
According to Cryptonews, participating in these transactions, Binance acts as an intermediary between the local buyer and seller in the offshore market, providing an "escrow service."
While the exchange does not violate Indian law because it does not have a rupee bank account and only provides escrow services for cryptocurrency transfers, which are not legal tender, traders are potentially violating exchange control and anti-money laundering regulations.
It is worth noting that Binance's peer-to-peer service offers a wide range of payment options for Indian traders, such as UPI, IMPS, Google Pay, and some cash options.
Esya Center statistics also show that local cryptocurrency holders have moved their digital assets to foreign exchange wallets, reducing user activity on cryptocurrency exchanges in India to 90% last year. This came after the Indian government imposed strict taxation rules on cryptocurrencies.
Earlier, we wrote that Binance has updated its spot trading system.
