Topic: Questions About Indian Crypto Exchanges: Indx & BitBns (Read 329 times)
Its risky to work with any exchange from India as it is not clear waht will be the future of crypto and exchange as well.
can anyone tell what is the latest news of bitbns.....are btc trading with fiat currency going on or it has also stopped
They introduced their p2p service last month so btc trading with fiat currency is currently on.
can anyone tell what is the latest news of bitbns.....are btc trading with fiat currency going on or it has also stopped
This link https://indx.exchange/aml-policy is not functional . That means its a fake site. These type of sites collect email ids and passwords from users and sell it in dark net for money. I suggest everyone to stay away from these type of sites.
The background:
I came across a newly announced Indian crypto exchange: indx. They claim to be operational from next month and also claim to be KYC-less (hence anonymous) exchange. They're airdropping their own tokens called INDX coins to new registrants. But before registering on their site, I wanted to have a good look at how they're going to achieve what they claim to achieve, especially how they're going to manage a KYC-less policy when Indian government is going after all exchanges for regulations.
Anyway, whle going through their site, I was browsing through their FAQ and noticed that their FEES hyperlink actually takes you to BitBns.com!
(Click image for original size)
Does anybody know if these two exchanges have anything in common (or operated by same people, maybe?)
Also, what thoughts you guys have about their "KYC-less" policy?
I came across a newly announced Indian crypto exchange: indx. They claim to be operational from next month and also claim to be KYC-less (hence anonymous) exchange. They're airdropping their own tokens called INDX coins to new registrants. But before registering on their site, I wanted to have a good look at how they're going to achieve what they claim to achieve, especially how they're going to manage a KYC-less policy when Indian government is going after all exchanges for regulations.
Anyway, whle going through their site, I was browsing through their FAQ and noticed that their FEES hyperlink actually takes you to BitBns.com!
(Click image for original size)
Does anybody know if these two exchanges have anything in common (or operated by same people, maybe?)
Also, what thoughts you guys have about their "KYC-less" policy?
If you understand what i am talking about! please stop defaming other exchanges by these tricks
we have our AML Policy mentioned here https://indx.exchange/aml-policy for your information.What are you trying to say? The image you shared is homepage of Bitbns. What does that have to do with my original question? It does not change the fact that your fees page was hyperlinked to Bitbns.
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Bitbns Exchange is now listed on CryptoChartIndex , Now you can get all information regarding Bitbns Exchange on CryptoChartIndex!
Indx looks interesting but there is not much information about it over the internet. They are offering 1500 free tokens for registering but they ask for the mobile number in the registration form hence I am hesitant to go through and test it. Did you have any luck with it?
I am also accompanying you in this matter as i am also not able to trust them so early because i am not getting much information about them yet, neither through internet nor through anyone else .
The background:
I came across a newly announced Indian crypto exchange: indx. They claim to be operational from next month and also claim to be KYC-less (hence anonymous) exchange. They're airdropping their own tokens called INDX coins to new registrants. But before registering on their site, I wanted to have a good look at how they're going to achieve what they claim to achieve, especially how they're going to manage a KYC-less policy when Indian government is going after all exchanges for regulations.
Anyway, whle going through their site, I was browsing through their FAQ and noticed that their FEES hyperlink actually takes you to BitBns.com!
https://i.imgur.com/Loiw7FL.png
(Click image for original size)
Does anybody know if these two exchanges have anything in common (or operated by same people, maybe?)
Also, what thoughts you guys have about their "KYC-less" policy?
I came across a newly announced Indian crypto exchange: indx. They claim to be operational from next month and also claim to be KYC-less (hence anonymous) exchange. They're airdropping their own tokens called INDX coins to new registrants. But before registering on their site, I wanted to have a good look at how they're going to achieve what they claim to achieve, especially how they're going to manage a KYC-less policy when Indian government is going after all exchanges for regulations.
Anyway, whle going through their site, I was browsing through their FAQ and noticed that their FEES hyperlink actually takes you to BitBns.com!
https://i.imgur.com/Loiw7FL.png
(Click image for original size)
Does anybody know if these two exchanges have anything in common (or operated by same people, maybe?)
Also, what thoughts you guys have about their "KYC-less" policy?
https://i.imgur.com/NypXxuu.png
If you understand what i am talking about! please stop defaming other exchanges by these tricks
we have our AML Policy mentioned here https://indx.exchange/aml-policy for your information. 
...we saw a sample in which Income Tax department was asking for all the details regarding when you bought bitcoin, from which exchange and much more. Maybe, it was fake but ....
I also saw the letter where gov had asked these details, but I don't know if it was fake or real. Do you have any further info suggesting it was fake (or real)? I'd just like to know more if possible.
I can confirm it was real. And it was aptly dealt with by the so called traders. Most have claimed all the "capital gains" were hacked. Which is true in my case, partially. I lost most in hacks and the rest cuz of stupidity and what remained were used to pay off debts.
...we saw a sample in which Income Tax department was asking for all the details regarding when you bought bitcoin, from which exchange and much more. Maybe, it was fake but ....
I also saw the letter where gov had asked these details, but I don't know if it was fake or real. Do you have any further info suggesting it was fake (or real)? I'd just like to know more if possible.
Bitbns is a really good exchange to trade some cryptocurrencies like Ripple. Just transfer them later into a better wallet.
Trade in Bitbns and transfer your coins to Coindelta. This is what I generally do. Works super fine.
I don't know about Indx, but Bitbns is a pretty cool exchange. Got my KYC verification done within a day. The exchange rates are almost equal as all other major exchanges. Not so sure about its wallet though. I bought some Ripples from Bitbns and transferred them to my Koinex account.
I get what you're doing but don't you think it will look a bit convincing it you'll slightly change the names of your newly-made account for promoting or in simple word spamming.
You're right. Not only all three accounts were registered at almost same time, they also posted in almost same topics (checked their post history).
And they're shilling the same exchange on this thread. I advice to ignore their advice and stick to our own judgment.
Bitbns is a really good exchange to trade some cryptocurrencies like Ripple. Just transfer them later into a better wallet.
Trade in Bitbns and transfer your coins to Coindelta. This is what I generally do. Works super fine.
I don't know about Indx, but Bitbns is a pretty cool exchange. Got my KYC verification done within a day. The exchange rates are almost equal as all other major exchanges. Not so sure about its wallet though. I bought some Ripples from Bitbns and transferred them to my Koinex account.
I get what you're doing but don't you think it will look a bit convincing it you'll slightly change the names of your newly-made account for promoting or in simple word spamming.
Likely a single guy behind all these accounts. Not so sharp either. Could be someone old from the forum itself but then again how can they be this dumb? lol
As far as a KYC-less exchange goes. I wonder if an exchange operated purely at the crypto stage - say something like Binance or Shapeshift would they still need to be KYC compliant. Because then, no INR ⇄ Crypto exchange is taking place.
Bitbns is a really good exchange to trade some cryptocurrencies like Ripple. Just transfer them later into a better wallet.
Trade in Bitbns and transfer your coins to Coindelta. This is what I generally do. Works super fine.
I don't know about Indx, but Bitbns is a pretty cool exchange. Got my KYC verification done within a day. The exchange rates are almost equal as all other major exchanges. Not so sure about its wallet though. I bought some Ripples from Bitbns and transferred them to my Koinex account.
I get what you're doing but don't you think it will look a bit convincing it you'll slightly change the names of your newly-made account for promoting or in simple word spamming.
I don't think it is possible to operate an exchange without being KYC complaint in India. With an excessive amount of black money circulating within the country, it will be pretty easy for them to invest and gain interest. Any exchange will have to be KYC compliant and have AML policy in place in order to report to government body if anything seems suspicious.
Remember, an exchange must only exchange the products between its customers, not a place to sell your own products. So, there must be a track record of where the particular crypto has come from and where is it going? Because few days back we saw a sample in which Income Tax department was asking for all the details regarding when you bought bitcoin, from which exchange and much more. Maybe, it was fake but the point is that at some point in time, government and Income Tax department will ask for the details as to impose Capital gain Tax.
Long story short, KYC is must in order for smooth flow of bitcoins and other cryptocurrencies in the Indian market and to avoid the illegitimate actions otherwise anybody can do anything for bitcoins and will easily sell it at Indx for fiat money. Also, scammers will pull off a heist in the name of ICO and have their money liquidated in no time because there is anonymity.
Remember, an exchange must only exchange the products between its customers, not a place to sell your own products. So, there must be a track record of where the particular crypto has come from and where is it going? Because few days back we saw a sample in which Income Tax department was asking for all the details regarding when you bought bitcoin, from which exchange and much more. Maybe, it was fake but the point is that at some point in time, government and Income Tax department will ask for the details as to impose Capital gain Tax.
Long story short, KYC is must in order for smooth flow of bitcoins and other cryptocurrencies in the Indian market and to avoid the illegitimate actions otherwise anybody can do anything for bitcoins and will easily sell it at Indx for fiat money. Also, scammers will pull off a heist in the name of ICO and have their money liquidated in no time because there is anonymity.
Bitbns is a really good exchange to trade some cryptocurrencies like Ripple. Just transfer them later into a better wallet.
I don't know about Indx, but Bitbns is a pretty cool exchange. Got my KYC verification done within a day. The exchange rates are almost equal as all other major exchanges. Not so sure about its wallet though. I bought some Ripples from Bitbns and transferred them to my Koinex account.
Indx looks interesting but there is not much information about it over the internet. They are offering 1500 free tokens for registering but they ask for the mobile number in the registration form hence I am hesitant to go through and test it. Did you have any luck with it?
I haven't registered with them yet (as I am still skeptical about their legitimacy; see my post above where their site is linking to another exchange's fee structure).
I am not interested in their token airdrop, so I'll just wait until I have more information about them. The launch is next month I guess.
Indx looks interesting but there is not much information about it over the internet. They are offering 1500 free tokens for registering but they ask for the mobile number in the registration form hence I am hesitant to go through and test it. Did you have any luck with it?
Well, for an exchange to be KYC less right now in any country is risky, and they choosed the worst one to start their exchange with no KYC.
Yeah, especially when there is so much pressure from Indian government on money laundering and KYC compliance, their move seems risky. Not to mention the ambiguity in "how" they're going to maintain privacy of the users when all the money transfer is through online banking process with linked bank accounts. <--- everything is PAN card or Aadhar card linked in that case in my opinion.
Also, their website doesn't look very professional. Also the links to another exchange's fees page as I mentioned above.
I will stay away from them as of now and take "wait and watch" approach.
Well, for an exchange to be KYC less right now in any country is risky, and they choosed the worst one to start their exchange with no KYC.
The background:
I came across a newly announced Indian crypto exchange: indx. They claim to be operational from next month and also claim to be KYC-less (hence anonymous) exchange. They're airdropping their own tokens called INDX coins to new registrants. But before registering on their site, I wanted to have a good look at how they're going to achieve what they claim to achieve, especially how they're going to manage a KYC-less policy when Indian government is going after all exchanges for regulations.
Anyway, whle going through their site, I was browsing through their FAQ and noticed that their FEES hyperlink actually takes you to BitBns.com!
(Click image for original size)
Does anybody know if these two exchanges have anything in common (or operated by same people, maybe?)
Also, what thoughts you guys have about their "KYC-less" policy?
I came across a newly announced Indian crypto exchange: indx. They claim to be operational from next month and also claim to be KYC-less (hence anonymous) exchange. They're airdropping their own tokens called INDX coins to new registrants. But before registering on their site, I wanted to have a good look at how they're going to achieve what they claim to achieve, especially how they're going to manage a KYC-less policy when Indian government is going after all exchanges for regulations.
Anyway, whle going through their site, I was browsing through their FAQ and noticed that their FEES hyperlink actually takes you to BitBns.com!
(Click image for original size)
Does anybody know if these two exchanges have anything in common (or operated by same people, maybe?)
Also, what thoughts you guys have about their "KYC-less" policy?
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