HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Binance Solidifies Indian Presence with WazirX Acquisition

Other 2019/11/21 10:34 by Osato Avan-Nomayo
Binance Moves into India

Global Bitcoin exchange behemoth, Binance, has set up a fiat on-ramp for Indian crypto by acquiring WazirX — a Mumbai-based cryptocurrency exchange service.


WazirX Now Binance’s Indian Bitcoin Exchange Partner

According to ET, Binance acquired WazirX in a deal worth between $5 million and $10 million. The WazirX acquisition sees the Bitcoin exchange giant establish a significant presence in India.

WazirX will act as Binance’s Indian partner with CEO Nischal Shetty continuing to run the platform in the country. The deal will reportedly see WazirX’s P2P market integrated into the broader Binance Fiat Gateway service before the end of Q1 2020.

According to the terms of the deal, Indian crypto traders will now be able to buy bitcoin straight from the WazirX P2P platform. The move is also part of Binance’s drive to open up crypto trading to more fiat currencies around the world.

Commenting on the move, Binance CEO Changpeng Zhao remarked:

India will be one of our first forays into stimulating financial growth and access in developing nations beyond the country. We will be continuing to work towards furthering crypto adoption, lowering the barrier to entry. One of the main goals is to add more fiat currencies to Binance and work with local partners to add as many fiat-to-crypto pairs as possible.

Speaking to Australian crypto news platform Micky, Zhao revealed that Binance is looking to launch a branch in Australia before the end of 2020. If achieved, the move will see Binance’s Australian operations grow from a limited retail service to a full-fledged crypto exchange platform.

Major Exchanges Eyeing Indian Market

Binance’s Indian move represents a growing trend among major Bitcoin exchanges looking to establish a presence in the country. As previously reported by Bitcoinist, major South Korea Bitcoin exchange, Bithumb is also on the hunt for a local Indian exchange partner.

This expansion into India comes even as authorities in the country remain firmly against crypto adoption. Back in April 2018, the RBI — India’s central bank, banned commercial banks from facilitating crypto-related transactions.

Earlier in the year, an inter-ministerial committee also recommended a blanket ban on crypto trading as well as fines and prison sentences for defaulters of the proposed law. Both Zhao and Shetty have also been vocal critics of the efforts by authorities in the country to stifle crypto commerce.

Will India’s government move ahead with plans to ban crypto trading in the country? Let us know in the comments below.


Images via

The post Binance Solidifies Indian Presence with WazirX Acquisition appeared first on Bitcoinist.com.

0 Like(s)



You should also read...

Bitcoin 19/11/19 11:00 by Ali Raza
Top 3 Places to Buy Bitcoin in Britain
The United Kingdom was recently guidelines on cryptocurrency businesses and ownership has perhaps also made this more difficult. How to get Bitcoin in the UK? Whether you live in the UK or any other ...
Read More
Altcoins 21/11/19 20:55 by Bitcoinist
How to buy and store Ethereum (ETH)?
Almost all activities, on the Ethereum network, are powered by its native crypto token Ether or ETH. ETH boasts of a $20 billion market cap and a circulating supply of ~108 million coins. This makes i...
Read More
Crypto 07/12/19 10:16 by Kevin Helms
Boerse Stuttgart’s Crypto Exchange Live for All Traders in Germany
Germany’s second-largest stock exchange, Boerse Stuttgart, has opened up its cryptocurrency trading platform to all interested traders in the country. This move follows the passing of a bill all...
Read More
Bitcoin 23/03/20 05:08 by Livine Sanchez
Crypto Comparison: Best Platforms To Trade Bitcoin With Leverage
With a potential recession around the corner, markets are on fire and more volatile than ever. This environment is hell for long term investors, but heaven for active traders who can profit from the ...
Read More
Crypto 17/06/20 12:33 by Guest Author
OKEx Paxful Join Hands to Promote Crypto Adoption
The popular cryptocurrency derivatives and spot trading platform, OKEx has entered into a strategic partnership with Paxful, leading P2P Bitcoin marketplace to promote cryptocurrency adoption. Accordi...
Read More