Stay updated with breaking news from Sumit Gupta. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
Since Indian authorities in late December began restricting access to Binance and other foreign crypto exchanges operating there without local registrations, traders have flocked to domestic rivals like WazirX. Many of them are moving deposits across from Binance, according to the local venues.
Binance's split from WazirX in 2022 seemed advantageous, but a government crackdown on offshore platforms has shifted dynamics, impacting the world's largest cryptocurrency exchange in the Indian market.
On December 28, the FIU issued notices to Binance and eight other cryptocurrency exchanges, seeking clarification from them over operations in India.
India Business News: Binance's split with WazirX in 2022 had initially favored Binance, but a government crackdown on offshore exchanges in India has shifted the dynamics.
Historic day for bitcoins with the ETF approvals, said WazirX founder Nishchal Shetty