India’s FIU Ban: Local Players Offer Haven for Binance, OKX Users
Following the recent ban by India’s Ministry of Finance Financial Intelligence Unit (FIU) on offshore crypto exchanges like Binance, OKX, and others, Indian crypto exchanges are stepping in to offer solutions to affected users.
The FIU’s move has prompted Indian investors to seek secure and compliant alternatives for their crypto assets.
Prominent Indian crypto exchanges, including CoinDCX, WazirX, and BuyUcoin, are rolling out initiatives to facilitate the seamless transfer of assets from banned foreign crypto exchanges.
CoinDCX has allocated a $1 million fund to aid users in transferring their assets to compliant platforms. The exchange is offering hassle-free crypto deposits, accompanied by a 1% bonus, to support a smooth transition, it said in an announcement.
To stay eligible, wait until February 17, 2024, for withdrawals. The bonus is only valid for deposits until January 18, 2024. No bonus on INR deposits.
Note: Receive BONUS payouts of up to ₹10,000 on February 18, 2024. Know more: https://t.co/tJAISlamOg
— CoinDCX: India's Safest Crypto Platform (@CoinDCX) January 13, 2024
As reported earlier, CoinDCX reported a nearly 2,000% surge in deposits since offshore exchanges were served with a show-cause notice.
BuyUcoin has announced zero-fee transfers
for users looking to move assets from offshore exchanges, aligning with the FIU ban.
In a statement from November last year, CEO Shivam Thakral expressed support for FIU’s measures. The statement emphasized the importance of investor protection and adherence to capital flight rules, saying:
“I believe our registration with the FIU is a testament to our commitment to operating with the ethical standards and protecting our customers and the financial system from the risks of
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