The USDT price on Binance P2P are very high

[Bureau]

I was going through Binance to check what different products they offer. I found the P2P section, and saw the buying price between INR 88-89. The price I expected was between INR 81-82



I wasn't sure what was going on until I saw that many merchants had imposed restrictions on buying. That's when I realized that the sudden hike in USDT price was likely related to a P2P scam, where demand was high but supply was low. In fact, I felt like Binance P2P had turned into a black market P2P.

This is why India needs regulation in the cryptocurrency industry. Just by creating a tax slab would only benefit the government and not the crypto community wherein India is ranked as the top 20 countries in crypto ownership.

https://www.reuters.com/technology/cryptoverse-digital-coins-lure-inflation-weary-argentines-turks-2023-05-02/

Thanks.

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[elevates]

I have never traded on Binance P2P so I won't be able to tell you whether the buy price is always like this or not. It still looks better than what I saw on Kucoin. The buy price of USDT is starting from INR 89 to INR 110. I have no clue why they are asking so much. If you make a simple purchase of USDT from an exchange then generally the asking price is something around INR 87 to 89 on different exchange.

[Bureau]

Yes, you're right - the price to buy USDT on Binance P2P is much lower than on Kucoin P2P. I did check the price to buy USDT directly from WazirX and it looks similar to what you said. I was under the impression that it should be similar to the selling rate. After doing some research, I now know why the buying price is different from the selling price.

Thanks.

[elevates]

Yes, you're right - the price to buy USDT on Binance P2P is much lower than on Kucoin P2P. I did check the price to buy USDT directly from WazirX and it looks similar to what you said. I was under the impression that it should be similar to the selling rate. After doing some research, I now know why the buying price is different from the selling price.

Thanks.

Still for trying to create a good topic and for being active i have awarded 2 merits. As only a few members are s tive her you got those merits.

Keep it up and next time do more research before creating a topic on this board. Take your time and then create one which doesn't have any errors . Never be in a hurry to post a topic on this board.

[teosanru]

This has been a pretty old phenomenon. So technically Indian market and Indian rupee is always on discount when it comes to Cryptos or you can say USDT is always on premium. I have seen this phenomenon reverse only in very rare cases of ultimate bull run, otherwise in bear runs this is always there. For buyers it's a big headache as you get less crypto for more money but for sellers it's heaven, even helps in covering some percentage out of 30% tax. Even wazirX trading has price of 87-88 on USDT-INR pair. I have seen this floating at around 80 when USD was around 73-74.