News
Binance suspends cash payments for P2P trading in India
Binance has suspended cash payments for peer-to-peer (P2P) trading in India to meet regulatory compliance and increased security, 99 Bitcoins reported. While cash transactions have been found to be convenient for users in regions with limited banking access, Binance aims to mitigate money laundering risks and promote a safer trading environment through this action.
The cryptocurrency exchange has assured users in the region that alternative payment methods such as bank transfers and digital wallets remain available. Despite mixed reactions from industry experts, concerns remain regarding the potential effects on trading volumes and liquidity, particularly in cash-centric regions.
The alternative methods offered by exchange
they reportedly align with regulatory requirements, reducing the risk of illicit activity and strengthening them Binancecommitment to compliance. This decision highlights a broader trend towards increased regulatory scrutiny in the cryptocurrency industry.
Recently, India’s Financial Intelligence Unit (FIU). registered Binance and KuCoin, allowing trade to re-enter the country. After months of regulatory scrutiny and legal battles, both trades were registered by the FIU. KuCoin paid a $41,000 penalty to resume operations, while Binance awaits a decision on its fine.
The FIU clarified that despite being registered, Binance must continue with compliance procedures until the fine is finalized. Other platforms such as Kraken, Gemini and Gate.io are negotiating with regulators to ensure compliance with Indian regulations, while OKX and Bitstamp have proposed exiting the country altogether.
The Indian crypto landscape
India’s position is active cryptocurrencies remains uncertain, with fluctuating market conditions and regulatory ambiguity causing uncertainty among traders. Despite being a priority during India’s G20 presidency in 2023, the country has yet to implement its own legislation, keeping a cryptocurrency law pending as of 2021. With over 19 million cryptocurrency investors and growing interest, India presents both opportunities and challenges for cryptocurrency exchanges
In April, Binance announced this he was contemplating returning to the Indian market following its forced exit in January due to regulatory non-compliance. The exchange faces a $2 million fine, but claims India is a profitable market.
In January, Indian authorities cracked down on nine cryptocurrency exchanges, including Binance, citing violations of anti-money laundering laws. The move led to the removal of these exchanges’ mobile apps from major app stores and the blocking of their websites in the country. Despite the setback, Binance recognized the importance of the Indian market, expressing its willingness to pay the hefty fine.
Binance has suspended cash payments for peer-to-peer (P2P) trading in India to meet regulatory compliance and increased security, 99 Bitcoins reported. While cash transactions have been found to be convenient for users in regions with limited banking access, Binance aims to mitigate money laundering risks and promote a safer trading environment through this action.
The cryptocurrency exchange has assured users in the region that alternative payment methods such as bank transfers and digital wallets remain available. Despite mixed reactions from industry experts, concerns remain regarding the potential effects on trading volumes and liquidity, particularly in cash-centric regions.
The alternative methods offered by exchange
they reportedly align with regulatory requirements, reducing the risk of illicit activity and strengthening them Binancecommitment to compliance. This decision highlights a broader trend towards increasing regulatory scrutiny in the cryptocurrency industry.
Recently, India’s Financial Intelligence Unit (FIU). registered Binance and KuCoin, allowing trade to re-enter the country. After months of regulatory scrutiny and legal battles, both trades were registered by the FIU. KuCoin paid a $41,000 penalty to resume operations, while Binance awaits a decision on its fine.
The FIU clarified that despite being registered, Binance must continue with compliance procedures until the fine is finalized. Other platforms such as Kraken, Gemini and Gate.io are negotiating with regulators to ensure compliance with Indian regulations, while OKX and Bitstamp have proposed exiting the country altogether.
The Indian crypto landscape
India’s position is active cryptocurrencies remains uncertain, with fluctuating market conditions and regulatory ambiguity causing uncertainty among traders. Despite being a priority during India’s G20 presidency in 2023, the country has yet to implement its own legislation, keeping a cryptocurrency law pending as of 2021. With over 19 million cryptocurrency investors and growing interest, India presents both opportunities and challenges for cryptocurrency exchanges
In April, Binance announced this he was contemplating returning to the Indian market following its forced exit in January due to regulatory non-compliance. The exchange faces a $2 million fine, but claims India is a profitable market.
In January, Indian authorities cracked down on nine cryptocurrency exchanges, including Binance, citing violations of anti-money laundering laws. The move led to the removal of these exchanges’ mobile apps from major app stores and the blocking of their websites in the country. Despite the setback, Binance recognized the importance of the Indian market, expressing its willingness to pay the hefty fine.