Binance acquires Wazirx to offer Fiat to Crypto Gateway

[akhjob]

Starting Nov 25, Indians can buy and sell crypto from Binance with fiat (INR). As of now it's limited to purchasing Tether as in Indian exchanges.

#Binance Acquires India’s Leading Digital Asset Platform @WazirXIndia to Launch Multiple Fiat-to-Crypto Gateways

https://www.binance.com/en/blog/404105749895733248/Binance-Acquires-Indias-Leading-Digital-Asset-Platform-WazirX-to-Launch-Multiple-FiattoCrypto-Gateways

Source: https://twitter.com/binance/status/1197356466463629312?s=19

What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.

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[akram143]

Starting Nov 25, Indians can buy and sell crypto from Binance with fiat (INR). As of now it's limited to purchasing Tether as in Indian exchanges.

#Binance Acquires India’s Leading Digital Asset Platform @WazirXIndia to Launch Multiple Fiat-to-Crypto Gateways

https://www.binance.com/en/blog/404105749895733248/Binance-Acquires-Indias-Leading-Digital-Asset-Platform-WazirX-to-Launch-Multiple-FiattoCrypto-Gateways

Source: https://twitter.com/binance/status/1197356466463629312?s=19

What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.

So we can send and receive money from the exchange itself right? Then we are in problem now because banks don't want any of their account holder to buy or sell crypto currencies since RBI insisted that.

[avikz]

I just came to know about it from another crypto blog and literally I am surprised! Indians can now withdraw from Binance to their bank account and Wazirx will facilitate the transfer! While it's a good development for India's crypto scene, but I am still skeptical  about using a known crypto exchange for transferring money to my bank account. This way my account will be tagged as a crypto user and looking at the situation, I don't think it is safe yet!

Anyone planning to use it?

[webtricks]

I just came to know about it from another crypto blog and literally I am surprised! Indians can now withdraw from Binance to their bank account and Wazirx will facilitate the transfer! While it's a good development for India's crypto scene, but I am still skeptical  about using a known crypto exchange for transferring money to my bank account. This way my account will be tagged as a crypto user and looking at the situation, I don't think it is safe yet!

Anyone planning to use it?

It will still work on P2P model. I don't see how things will turn different or unsafe.

[amishmanish]

What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.

Woah..Seriously Akh?? Nothing big..This is pretty huge. Binance is influential and very pro-active in terms of breaking into new areas as well as doing all sort of "jugaad" to keep crypto economy going (IEO's, Binance Launchpad etc etc.)

First of all, i think it is a validation for WazirX and their CEO Nischal who have been very active on twitter trying to gather enough support from public and politicians. Good for him. Secondly, having a bridge to INR on Binance app should be cool. I don't now how it'll work as i haven't checked it on the app yet. You should also see that Binance is into altcoins in a big way. Most Indians have also had their first taste of crypto through these alts. This means a lot of those Alt-coin hodlers will have easier access to INR through the app.
It lowers a lot of entry barriers. This is good. Thanks for sharing!

[akhjob]

I just came to know about it from another crypto blog and literally I am surprised! Indians can now withdraw from Binance to their bank account and Wazirx will facilitate the transfer! While it's a good development for India's crypto scene, but I am still skeptical  about using a known crypto exchange for transferring money to my bank account. This way my account will be tagged as a crypto user and looking at the situation, I don't think it is safe yet!

Anyone planning to use it?

It will still work on P2P model. I don't see how things will turn different or unsafe.

I reread the blog post once again, actually the details given in the Binance blog is bit vague.

Starting November 25, you can buy and sell crypto with Indian rupees (INR) on the Binance Fiat Gateway.

In Q1 of 2020, WazirX’s unique auto-matching engine will be integrated into the Binance Fiat Gateway platform itself, bringing easy cryptocurrency access to over a billion people.

If you take look at it, it states that we can buy/sell crypto for INR from Nov 25 through its gateway. Maybe something new will be added to current payment gateways of Binance. Maybe they'll use the approach of Giottus, by having selected big players with current accounts as fixed peers for making deposits and withdrawals from the site or maybe they got something new on Nov 25.

But they also claim that only in Q1 of 2020 they are integrating Wazirx to their Fiat Gateway and claim it to be existing P2P model of buying Tether and trading with it. So there is nothing new  

-snip-

I still don't see something big apart from the fact that we can save some transaction fees for moving crypto between exchanges. There is nothing new here other than a big exchange entering Indian market. I don't see an impact like what Amazon did for India. Yeah I do agree that Binance is very influential, may be that's good, only time will tell.

Edit: My first post as a Full Member. Thanks everyone

[amishmanish]

Edit: My first post as a Full Member. Thanks everyone

Congrats. Good to have you all around..

[newIndia]

So, now, effectively we have two Binance partners in India...

1. BitBNS

2. WazirX

On a different note, there is something in this Binance+WazirX story, that makes me sad. Both Binance and WazirX faced similar obstacle in their own country. Binance moved out of China and became world leader, while WazirX got sold to Binance. Same fate, different result. Though, I know, it is easy to judge from a distance. Those, who are doing it, knows how difficult which game really is.

[pawanjain]

Binance exchange entering the Indian market right after it's Shangai office getting shut down. How weird is that ?
Now that's a big coincidence or may be a planned strategy. Something does smell fishy here though.

I think it would be better off if we keep using WazirX as we were and stay away from Binance - WazirX gateway.

[akram143]

Binance exchange entering the Indian market right after it's Shangai office getting shut down. How weird is that ?
Now that's a big coincidence or may be a planned strategy. Something does smell fishy here though.

I think it would be better off if we keep using WazirX as we were and stay away from Binance - WazirX gateway.

WazirX website already renamed as WazriX Binance so we can use them as of it now or just stick with the P2P model of Localbitcoin.

Localethereum also going to be a big game changer since they have no KYC.

[kabit9]

Probably the biggest news this year in Indian crypto scene.

[sureshnsnet]

Starting Nov 25, Indians can buy and sell crypto from Binance with fiat (INR). As of now it's limited to purchasing Tether as in Indian exchanges.

#Binance Acquires India’s Leading Digital Asset Platform @WazirXIndia to Launch Multiple Fiat-to-Crypto Gateways

https://www.binance.com/en/blog/404105749895733248/Binance-Acquires-Indias-Leading-Digital-Asset-Platform-WazirX-to-Launch-Multiple-FiattoCrypto-Gateways

Source: https://twitter.com/binance/status/1197356466463629312?s=19

What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.

The Indian crypto users expecting this kind of development need to happen more because after RBI ban crypto exchanges in India there no many developments happened. but now binance going to acquires Indias leading crypto exchange wazirX maybe it will give more positive way for other upcoming crypto services in India.

[akram143]

Starting Nov 25, Indians can buy and sell crypto from Binance with fiat (INR). As of now it's limited to purchasing Tether as in Indian exchanges.

#Binance Acquires India’s Leading Digital Asset Platform @WazirXIndia to Launch Multiple Fiat-to-Crypto Gateways

https://www.binance.com/en/blog/404105749895733248/Binance-Acquires-Indias-Leading-Digital-Asset-Platform-WazirX-to-Launch-Multiple-FiattoCrypto-Gateways

Source: https://twitter.com/binance/status/1197356466463629312?s=19

What are your thoughts?
I see nothing big here apart from the fact that Binance suddenly jumped into Indian Market. I think most Indian exchanges will suffer because of this entry.

The Indian crypto users expecting this kind of development need to happen more because after RBI ban crypto exchanges in India there no many developments happened. but now binance going to acquires Indias leading crypto exchange wazirX maybe it will give more positive way for other upcoming crypto services in India.

Still its not clear how they are going to work when RBI has restrictions related to crypto exchange transaction and if its p2p model then its not really a great news.

[pawanjain]

I just re-read the whole announcement today and observed that Binance has indeed taken over WazirX and BNB is now available on WazirX.
I digged up a little more and found out that not only WazirX but binance has acquired the below two as well taking over multiple fiat gateways.

Binance Opens Turkish lira (TRY) Fiat Gateway Through Papara
Binance Opens Ukrainian hryvnia (UAH) Fiat Gateway Through Advcash
and the well known
Binance Opens Indian Rupee (INR) Fiat Gateway Through WazirX

Seems like Binance is up for something big. While WazirX was completely safe as it was truly p2p platform, Binance will facilitate payments through the same medium. So in that point of view, it's still feasible to continue using the platform.

P.S: China or India ka toh pehle se lafda chal raha hai. Abhi humare KYC details bhi unke paas pahoch jaaege.
Stay safe and think wise before doing anything.

[RapTarX]

It's a great news for Indian crypto community. Binance can make great influence. But things are quite interesting because of the laws on crypto in India.
But I'm wondering how the payment system will work? Bank will not associate with these things since rules are much strict here.
Can someone confirm what payment gateway will Binance work with to procedure payment with INR?

[enhu]

That's a good news but a bit weird though because the news I heard was that crypto is banned in India. I have seen few threads here in the forum about the government of India not allowing cryptocurrency but this news contradicts them. And surprisingly they do have an exchange there. Articles these days seem really not quite truthful to what they publish.

Congrats to binance and wazirx.com

[100bitcoin]

That's a good news but a bit weird though because the news I heard was that crypto is banned in India. I have seen few threads here in the forum about the government of India not allowing cryptocurrency but this news contradicts them. And surprisingly they do have an exchange there. Articles these days seem really not quite truthful to what they publish.

Congrats to binance and wazirx.com

FUD is abundant in Indian Crypto space. Have a look at this thread to check the ground reality - FAQs Regarding Bitcoin's Status in India | Newbie's guide.

[akhjob]

So, I tried to buy Bitcoin from Binance via the new payment gateway. Looks like we have to complete KYC(personal ID and Facial ID) in Binance to make an INR deposit. So, I stopped right there. Didn't want to go through another KYC
Anyone tried yet? Made a deposit?

[Clement Kaliyar]

So, now, effectively we have two Binance partners in India...
1. BitBNS
2. WazirX

On a different note, there is something in this Binance+WazirX story, that makes me sad. Both Binance and WazirX faced similar obstacle in their own country. Binance moved out of China and became world leader, while WazirX got sold to Binance. 

Is this a partnership between WazirX or they sold it to Binance ?, i have not traded with BitBNS after they changed their model and how is the liquidity and is it also a P2P exchange.

So, I tried to buy Bitcoin from Binance via the new payment gateway. Looks like we have to complete KYC(personal ID and Facial ID) in Binance to make an INR deposit. So, I stopped right there. Didn't want to go through another KYC
Anyone tried yet? Made a deposit?

If you complete the KYC is it possible to send money through your bank account, not sure how that works, or we will there be a conversion charges and other transaction charges, i would like to have some clarity before trying.

[akhjob]

So, I tried to buy Bitcoin from Binance via the new payment gateway. Looks like we have to complete KYC(personal ID and Facial ID) in Binance to make an INR deposit. So, I stopped right there. Didn't want to go through another KYC
Anyone tried yet? Made a deposit?

If you complete the KYC is it possible to send money through your bank account, not sure how that works, or we will there be a conversion charges and other transaction charges, i would like to have some clarity before trying.

Actually, I was also looking for the same answer, that's why I made a try to deposit some INR. But when it asked for KYC, I stopped :/ It would nice to know if someone who have already completed KYC in Binance and the new payment gateway.