Ex-Binance Indian Affiliate Is Now Booming In Indian

Key Points:

• Domestic crypto exchanges, led by ex-Binance Indian affiliate WazirX, see increased activity as traders shift from restricted foreign platforms due to regulatory changes.
• Apple’s App Store takes down apps from major exchanges, including Binance, following the Indian government’s request.
• WazirX experienced a significant 250% surge in deposits within four days of India’s compliance notice to offshore platforms.

In a recent turn of events, Indian cryptocurrency exchanges are experiencing a surge in activity as regulatory dynamics reshape the landscape. Following the Indian government’s restrictions on foreign exchanges like Binance lacking local registrations, traders have shifted their focus to domestic platforms, including ex-Binance Indian affiliate WazirX.

Ex-Binance Indian Affiliate Booms Amid Regulatory Changes

The narrative took a dramatic turn in 2022 when WazirX faced scrutiny from Indian authorities, resulting in a raid on its Mumbai office over suspicions of money laundering for 16 fintech companies. The subsequent split with Binance further intensified the competitive landscape, favoring the global giant in the local market.

However, a sudden crackdown on offshore platforms by the Indian government has reversed the tide. Ex-Binance Indian affiliate, along with competitors like CoinDCX and CoinSwitch Kuber, is experiencing a welcome reprieve after being impacted by a stringent 2022 taxation regime that drove traders to foreign exchanges.

Adding to the momentum, Apple’s App Store recently removed apps from Binance and seven other foreign exchanges, responding to the Indian government’s request. This development comes less than two weeks after these exchanges were flagged for allegedly operating “illegally” in the country.

According to Bloomberg, WazirX reported a notable increase of about 250% in deposit inflows in the four days following India’s compliance notice to offshore platforms on December 28. CoinDCX also witnessed a surge in deposits after reopening immediately after the event.