Indian Crypto Exchanges Offer Solutions Amidst Ban on Offshore Platforms

Following the recent ban imposed by India’s Ministry of Finance, Financial Intelligence Unit (FIU) on offshore crypto exchanges, including Binance and OKX, Indian exchanges such as CoinDCX, WazirX, and BuyUcoin are stepping in to assist affected users. CoinDCX has allocated a $1 million fund to facilitate hassle-free asset transfers, offering a 1% bonus to users transitioning from banned foreign exchanges. BuyUcoin is providing zero-fee transfers aligning with the FIU ban, emphasizing support for investor protection and adherence to regulations. WazirX is also offering a 1% bonus for users moving their crypto holdings to its platform. The FIU’s notices of non-compliance in December led to the removal of several foreign crypto exchanges from Apple and Google app stores, prompting urgency among users previously avoiding a 30% crypto tax through offshore exchanges. (Source: X)