Binance acquires one of the most popular cryptocurrency exchanges in India
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Answer Binance acquires one of the most popular cryptocurrency exchanges in India
As part of its efforts to spread and enter new markets, Binance recently announced the acquisition of the “WazirX” platform in India.
The news was published on Thursday, but it did not provide any details about the deal.
However it was able Sources The Economic Times reported that the company had been bought for $5-10 million.
The news of Binance entering India may seem surprising at first glance, as the local crypto industry has been disrupted by a ban on banking services for crypto companies that has been monitored and enforced by the Central Bank of India since April 2018.
Since then many local platforms including Koinex and Zebpay have switched to new geographies after being forced to close.
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Other platforms have eliminated fiat currencies from their trading system and kept crypto-to-crypto-to-crypto trading.
It is the same strategy used by the WazirX platform launched earlier this year that offers crypto-to-crypto trading, according to the Economic Times.
Binance wants to legally roll over the laws by providing an Indian rupee exchange gateway through Binance platform as it launched the Indian rupee on the Binance Fiat portal in recent weeks.
WazirX users will soon be able to buy Tether (USDT) in rupees via WazirX and use USDT to trade any cryptocurrency offered by Binance.
The CEO of Binance stated:
The acquisition of WazirX demonstrates our commitment and dedication to the Indian people and the strengthening of the blockchain ecosystem in India as well as another step forward in achieving freedom of money.
Another potential obstacle for Binance is India, where a government committee said it is studying legislation banning cryptocurrencies entirely in the country.
It seems that Binance is looking at it with a risk eye and sees the opportunity as worth the risk, and if the estimated acquisition price is correct, it is little compared to what the platform will gain from a country the size of India.
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“Wei Zhou” one of the CEOs of Binance said:
Building bridges between crypto and fiat remains a core mission of Binance.
WazirX will help this by providing a simple and coherent way to buy cryptocurrencies in a country of over a billion people.
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