Binance-WazirX Acquisition a ‘Historic Day’ for Crypto in India

[cheezcarls]

Binance announced Thursday that it is acquiring WazirX, an Indian cryptocurrency exchange with an estimated user-base of around 200,000.

This qualifies as a landmark development for India’s still-nascent homegrown cryptocurrency market — especially considering that traders will now have the option to buy and sell cryptocurrencies using the Indian Rupee (INR) through the Binance Fiat Gateway.

Source link here

This is huge for India! I’m actually happy of this move by Binance by acquiring WazirX! I know that the cryptocurrency market in India is at stake due to the proposed ban of the Indian government plus the consequences if any of the citizens are holding, buying or acquiring Bitcoin and other cryptocurrencies.

Despite the uncertainty of the crypto market in India, Binance is making things possible for them to get access in buying and selling Bitcoin and other altcoins. I have a good friend in India by the way, and this news alone would make him and the others happy.

Good job Binance and WazirX! Bravo!!!

[shinratensei_]

I hope that will give a better gateway for indian to join in the crypto. Zebpay is the only exchange site in indian in the past but it seems like the real expansion by binance will bring something big for sure. It looks like there will be more expansion to the countries that announced the ban for crypto. A few steps after binance created binance US and then binance was also acquiring india's trading site.
It looks like binance is targetting the restricted countries for crypto.

Will there another expansion to the restricted countries just like rusia? We will see that. This is a very interesting thing to see how binance was very optimistic.

[cheezcarls]

I hope that will give a better gateway for indian to join in the crypto. Zebpay is the only exchange site in indian in the past but it seems like the real expansion by binance will bring something big for sure. It looks like there will be more expansion to the countries that announced the ban for crypto. A few steps after binance created binance US and then binance was also acquiring india's trading site.
It looks like binance is targetting the restricted countries for crypto.

Will there another expansion to the restricted countries just like rusia? We will see that. This is a very interesting thing to see how binance was very optimistic.

It can be possible, depends on the terms that they have. If both sides agreed, it would be possible enough to be expanded in Russia too. We won't know unless we try.

Other restricted countries such as Pakistan and Iran can or cannot be targeted for expansion. Who knows? Maybe in the right time, these countries would finally open their minds about Bitcoin and the crypto market thinking that it's not a serious threat to their financial system.

As for India, this is a huge "baby step" development for them in the crypto market.

[TheUltraElite]

I would not start calling it "historic" right away because the RBI (Reserve Bank of India) and the Finance minister has not be lenient on cryptocurrencies here. There is a problem with banks freezing accounts which deal with crypto and this is a current topic of discussion among the Indian members. There are court hearing about the plea to stop this blanket ban which is getting delayed and postponed every month but we are still optimistic about the future adoption of bitcoin.

You never know when a certain news might trigger a counter response. This is just the start of the news from Binance. Lets see what the government of India has to reply in their official statements. They might as well say no and stop the entire operation.

[Strongkored]

200,000 users is a large number, I try to find the reasons of acquisition but did not find just see a submission to ban crypto with India government.
I myself feel that it would be better if in a country that has enough crypto users to have an exchange whose owner or developer is a person of that country, because when a country has a lot of people who are experts in crypto can facilitate adoption and also does not rule out possibility to changing the view of the government about crypto that will make crypto allowed in that country.

[jrrsparkles]

India has fairly large number of users in crypto space but their government is not yet supporting their citizen by restricting crypto bank transactions.I hope this will bring some change into the Indian crypto users but after reading the thread still how they are going to operate will be a big question,excited to see the response from government.