Binance Enters Indian Market With Acquisition of Crypto Exchange WazirX

dothebeats

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I do not understand India, then they want to ban crypto at all, then buy a crypto exchange.

It’s a decision made by a private entity, Binance, to buy an exchange catering to Indian citizens. We’re not yet sure of the developments that will happen from here, though it may somewhat force or at least make the Indian government think twice of what they’re doing when it comes to banning cryptocurrencies. Honestly, it’s already huge profit on taxes for India by allowing traders and exchanges to do business freely. No harm would also be made if India is planning to launch their own cryptocurrency. Instead, this might even help the citizens be familiarized with traditional cryptocurrencies and be a testing ground for what they’re planning to launch.

teosanru

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Quote from: vennali on November 21, 2019, 08:08:51 AM

Good news for Indian Crypto enthusiasts. I think this will push Indian government a regulation push. Since they are very likely to be missing out on some serious money. What do you guys think? Here's the Coindesk article about it.

I think this was with a hope to capture second most populated country's currency after they have launched Chinese p2p withdrawal. They want to scale their Monopoly in Cryptocurrencies and want to be the only leader in P2P market. Barely any exchange provides P2P options for fiat withdrawals of multiple currencies. Binance would have find it difficult to survive on their own due to legality and KYC norms which is why they captured the most used P2P exchange of India. I think this is like a Foreign Investment from a Cryptocurrency exchange.

YuginKadoya

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I think that Binance is making a great move in getting into the border of India and I guess Binance Main goal was having a worldwide variety of customers and WazirX is making a dedication in serving the Indian people in strengthening the Blockchain ecosystem in the Country y collaborating a connection towards Binance Exchange,

Truly remarkable indeed and Binance has proven what caliber of services they can provide I think even in the rural areas of India that are having problems with their centralized system there are Decentralized ones that you can trust.

AjithBtc

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India is a big market for anything and everything. If something gets success in markets like China, India or Russia it will be truly success in the global market. This is a proven fact, upon the same more firms have their focus over these countries. Right now India has got regular increase in the userbase, but the governments instability on taking a decision restricts people from using it with complete freedom. Hope the entry of Binance with the acquisition of Wazirx will make some positive impact.

vennali

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Quote from: Krislaw on November 21, 2019, 08:49:06 AM

This a great news and a great step towards adoption of cryptocurrency by the Indians, but

Quote

There's another potential hurdle for Binance in India, with a government panel said to be mulling legislation that would ban cryptos completely in the country.

The Indian government doesn't seem to like crypto at all. Such risk may be little to Binance but what if this acquisition cause the ban of crypto in India?

Yeah, but I suppose Binance might be a little smart about this.. They just wont dive into a market without having some sort of idea which way the government is leaning There might even be some lobbying involved before making this decision to invest into the indian market. WazirX was pretty big in India. I'm sure they might have had to shell out some big bucks to buy it. Binance had already been lurking in India for a while as Ive seen them be a part of a lot of Blockchain events in India.

pakhitheboss

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Dumb step taken by Binance. Good news for Indian crypto community. This is what I think

Dumb step by Binance because no one knows whether the government will completely BAN crypto or regulate it. Binance will lose significant amount of money if the government is banned. WazirX doesnot have an exchange license, it is registered as a software development company.

The moral of crypto community in India will get boosted, after it is Binance.

Krislaw

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This a great news and a great step towards adoption of cryptocurrency by the Indians, but

Quote

There's another potential hurdle for Binance in India, with a government panel said to be mulling legislation that would ban cryptos completely in the country.

The Indian government doesn't seem to like crypto at all. Such risk may be little to Binance but what if this acquisition cause the ban of crypto in India?

vennali

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Good news for Indian Crypto enthusiasts. I think this will push Indian government to make a quicker decision on regulation. Since they are very likely to be missing out on some serious money. What do you guys think? Here's the Coindesk article about it.

Edit: grammatical error

Topic: Binance Enters Indian Market With Acquisition of Crypto Exchange WazirX (Read 118 times)