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Topic: Binance acquires Wazirx to offer Fiat to Crypto Gateway - page 2. (Read 415 times)

full member
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Probably the biggest news this year in Indian crypto scene.
full member
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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.
hero member
Activity: 2618
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Nothing lasts forever
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.
legendary
Activity: 2198
Merit: 1049
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.
legendary
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Edit: My first post as a Full Member. Thanks everyone Smiley
Congrats. Good to have you all around..
sr. member
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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.
-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 Smiley
legendary
Activity: 1876
Merit: 1157
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!
legendary
Activity: 1918
Merit: 1728
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.
legendary
Activity: 3024
Merit: 1496
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?
full member
Activity: 1106
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★777Coin.com★ Fun BTC Casino!
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.

Quote
#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.
sr. member
Activity: 1050
Merit: 416
Buy Bitcoin
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.

Quote
#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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