Changpeng Zhao’s Binance Crypto Exchange Expands to India
As part of its strategy to have a presence in every part of the world, the world’s number one cryptocurrency exchange, Binance has announced the acquisition of India’s WazirX exchange for roughly $10 million. The deal will enable Binance to offer residents fiat-to-crypto trading and more, reports Economic Times on November 21, 2019.
Binance Live in India
While the Indian government is still pondering on whether to place an outright ban on bitcoin and altcoins trading in the region, Binance crypto exchange has thrown caution into the wind and is now looking to pitch its tent in the south-central Asian country.
Per sources close to the development, Binance has now acquired WazirX crypto exchange in a deal reported to be between $5-10 million and the former is now looking to offer users fiat-to-crypto trading.
Specifically, the team has hinted that the deal will see WazirX’s peer-to-peer (P2P) order matching engine get integrated into the Fiat Gateway of Binance in Q1 2020, making it possible for India’s crypto enthusiasts to trade all supported cryptos on Binance with Tether (USDT) and users will also be able to purchase USDT with the Indian rupee (INR).
Commenting on the exciting deal, Binance CEO, Changpeng Zhao noted that:
“India will be one of our first forays into stimulating financial growth and access in developing nations beyond the country. We will be continuing to work towards accelerating crypto adoption and lowering the barrier to entry.”
Zhao also hinted that the exchange plans to add support for more fiat currencies and collaborate with local pairs to add more fiat-to-crypto trading pairs in the near future.
Regulatory Dark Clouds
While Binance’s Indian expansion appears to be a forward-thinking maneuver, in theory, it remains to be seen whether India’s harsh stance towards cryptos will allow the exchange to flourish, as a good number of crypto-linked businesses have since fled the country.
While the Indian government has pulled the “Banning of Cryptocurrency & Regulation of Official Digital Currency Bill” from its winter parliament list, the fact still remains that India still has a draconian approach towards cryptos and that it may not implement amenable regulations to govern the industry anytime soon.
In related news, Binance.US, the United States arm of Binance has continued to flourish since its launch. So far, it has added a total of 25 cryptocurrencies.
At press time the price of Binance Coin (BNB) sits at $17.77, with a market cap of $2.76 billion as seen on CoinMarketCap.