March 4, 2024

Binance acquires Indian cryptocurrency exchange, adds support for rupees

Binance acquires Indian cryptocurrency exchange, adds support for rupees

The large Indian cryptocurrency exchange Wazirx, based in Mumbai, was acquired by the Bitcoin exchange Binance.

Wazirx is the first cryptocurrency exchange in India to be acquired by an international company. This purchase will expand the Binance ecosystem, introducing new fiat gateways.

According to Wazirx CEO, a giantThe cryptocurrency market has attracted an innovative P2P platform that will help further develop the crypto ecosystem in India, as well as launch fiat gateways for more than a billion residents of the country. The Indian Exchange launched its peer-to-peer (P2P) platform after the Reserve Bank of India (RBI) issued a circular prohibiting financial institutions from providing services to cryptocurrency companies. Subsequently, banks closed the accounts of crypto exchanges, leaving their customers without access to INR.

Wazirx's P2P mechanism will soon be integrated into the Binance Fiat Gateway platform, enablingusers to exchange any cryptocurrencies on Binance with the purchase of USDT from the Wazirx P2P platform. 

Cryptocurrency trading for Indian rupees (INR) through Binance Fiat Gateway will open before the end of this month. 

Meanwhile, two key issues facing the crypto industry in India remain unresolved – the introduction of a cryptocurrency circulation bill and the fight to lift the banking ban.