The Financial Intelligence Unit issued a notice of noncompliance against 10 foreign crypto exchanges on Dec. 28, 2023.
Indian crypto exchanges are promising hassle-free transfers for users who want to transfer their crypto assets from foreign crypto exchanges after the country’s Ministry of Finance Financial Intelligence Unit banned off-shore crypto exchanges like Binance, OKX and others.
Several Indian crypto exchanges have created lucrative fee waiver deals for users with their funds stuck on banned foreign crypto exchanges. CoinDCX — one of the largest Indian crypto exchanges by trading volume — announced that it had set aside $1 million to help users transfer their assets to complaint crypto exchanges.
An estimated USD 4 Bn is invested in crypto in offfshore exchanges by Indian investors. With the recent regulatory developments, users who have been trading on offshore exchanges are worried about their assets. They want to move to a safe and compliant exchange to continue with their crypto journey. Sumit Gupta, CEO of CoinDCX told Cointelegraph:
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Source: https://cointelegraph.com/news/indian-crypto-exchanges-binance-okx-investors-post-fiu-ban