Binance, the world’s largest crypto exchange by trading volume, has been in the spotlight recently, not only for the high-profile departures of several top executives and staff cuts but also for its apparent business in India.

Amid the prevailing Fear, Uncertainty, and Doubt (FUD) over its regulatory compliance, Binance has been carving a niche for itself in the Indian market. It is attracting traders by enabling crypto transactions using the local currency, but regulators have yet to comment officially on it.

Is Binance Operating Illegally in India?

A recent report revealed that Binance provides a platform for Indian traders to exchange cryptos for rupees. Acting as an escrow, the crypto exchange is holding user’s digital assets until the buyer and seller agree on a trade and the money has been moved.

“Someone can sell crypto from a wallet opened with Binance. No one gets to know. No tax is paid, but trading goes on. Some of the trades are quite large,” said an anonymous trader.

This approach allows the settlement of transactions in rupees, effectively bridging local and offshore traders.

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Author: Bary Rahma

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