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Binance has suspended cash payments for peer-to-peer (P2P) trading in
India to adhere to regulatory compliance and enhanced security, 99 Bitcoins
reported. While cash transactions have been 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 crypto exchange assured users in the region that alternative
payment methods like bank transfers and digital wallets remain available.
Despite mixed reactions from industry experts, concerns linger
regarding potential effects on trading volumes and liquidity, particularly in
cash-centric regions.
The alternative methods offered by the exchange
reportedly align with regulatory requirements, reducing the risk of illicit
activities and reinforcing Binance’s commitment to compliance. The decision
highlights a broader trend of increasing regulatory scrutiny within the
cryptocurrency industry.
In April, Binance announced that it was contemplating returning to the Indian market following its forced exit in January due to
regulatory non-compliance. The exchange faces a $2 million penalty but sees
India’s potential as a lucrative market.
In January, Indian authorities cracked down on nine
crypto exchanges, including Binance, citing violations of anti-money laundering
laws. The move led to removing these exchanges’ mobile apps from major app
stores and blocking their websites in the country. Despite the setback, Binance
acknowledged India’s significant market, expressing the willingness to pay the
hefty fine.
Expect ongoing updates as this story evolves.
Binance has suspended cash payments for peer-to-peer (P2P) trading in
India to adhere to regulatory compliance and enhanced security, 99 Bitcoins
reported. While cash transactions have been 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 crypto exchange assured users in the region that alternative
payment methods like bank transfers and digital wallets remain available.
Despite mixed reactions from industry experts, concerns linger
regarding potential effects on trading volumes and liquidity, particularly in
cash-centric regions.
The alternative methods offered by the exchange
reportedly align with regulatory requirements, reducing the risk of illicit
activities and reinforcing Binance’s commitment to compliance. The decision
highlights a broader trend of increasing regulatory scrutiny within the
cryptocurrency industry.
In April, Binance announced that it was contemplating returning to the Indian market following its forced exit in January due to
regulatory non-compliance. The exchange faces a $2 million penalty but sees
India’s potential as a lucrative market.
In January, Indian authorities cracked down on nine
crypto exchanges, including Binance, citing violations of anti-money laundering
laws. The move led to removing these exchanges’ mobile apps from major app
stores and blocking their websites in the country. Despite the setback, Binance
acknowledged India’s significant market, expressing the willingness to pay the
hefty fine.
Expect ongoing updates as this story evolves.
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