![]() The impact of Binance’s services on the Indian crypto industry has led to increased efforts by crypto advocacy groups to promote a more favorable regulatory environment. While Binance itself complies with existing regulations, there are concerns regarding potential violations of exchange control rules and anti-money laundering measures by local traders. Final Thoughtīinance has emerged as a popular choice for Indian traders looking to engage in cryptocurrency trading using Indian rupees. A research study conducted by Esya Centre, a technology policy think tank based in New Delhi, revealed that Indians moved over $3.8 billion in trading volume from local to international crypto exchanges following the announcement of strict crypto tax rules in the country. This shift has resulted in a significant decrease in user activity on India-based exchanges, with a reported decline of up to 90% in 2022. Moreover, many Indians have transferred their cryptocurrencies to wallets provided by foreign exchanges. The video was presented after the association separately requested the government to allow crypto firms access to the national Unified Payments Interface (UPI), which was banned the previous year. To advocate for the crypto industry, the Bharat W eb3 Association, a newly formed crypto policy advocacy group in India, shared a video with the Reserve Bank of India, showcasing a crypto trade on Binance using an India-based digital wallet. Impact on the Indian Crypto Industryīinance’s peer-to-peer service in India offers various payment options for Indian traders, including UPI, IMPS, Google Pay, cash deposits to banks, and in-person cash transactions. It is of utmost importance to carefully contemplate the potential repercussions of such transactions concerning the evasion of taxes and the facilitation of money laundering. Certain transactions of this nature involve significant sums of money. ![]() This method facilitates clandestine trades, bypassing taxation. Nevertheless, it is crucial to acknowledge that indigenous traders promoting the purchase and sale of cryptocurrencies through the Binance platform could potentially be infringing upon exchange control regulations and anti-money laundering protocols.Īccording to a cryptocurrency trader, an individual can vend their cryptocurrency from their Binance wallet to a buyer in India, who, in turn, receives the cryptocurrency in their own Binance wallet and settles the payment in rupees. They merely provide escrow services for crypto transfers, which are not recognized as legal tender. Binance is not violating any laws because they do not hold a rupee bank account. According to the report, Indian regulators are aware of these transactions.
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