Binance Supports New Fiat Onramp to Buy Crypto Assets with the Indian Rupee via WazirX
Binance can now purchase Bitcoin (BTC) and other cryptocurrencies through Rupee bank transfers that are powered by WazirX, the Indian digital exchange for assets.
Not banned in the country, people in India still find it difficult to trade and buy Bitcoin because banks don’t have the green light to work with crypto exchanges and companies. WazirX is one of the very few exchanges that’s still operating on the Indian market, having over 200,000 users and a monthly trading volume of $30 million. This trading volume is quite low when compared with the rest of the country’s market.
Binance CEO Doesn’t Worry About the Potential Indian Crypto Ban
Changpeng Zhao, the CEO of Binance has stated that he doesn’t worry about India’s regulations on the Bitcoin. He says, it's a “proposed” bill, not [a] passed bill.” He also added that Binance is now helping 1.3 billion more people to get use of the crypto world.
Slowly but surely. https://t.co/ZYKwPMnIgH
— CZ Binance (@cz_binance) November 26, 2019
WazirX Acquired by Binance
The Ruppe integration arrives a week after WarizX has been acquired by Binance for a sum between $5 to $10 million, as reports are saying. This is what Nischal Shetty, the CEO of WazirX had to say about the acquisition:
“[The] Binance acquisition helps us get all the help and support we need to achieve rapid growth. Binance believes in the scope of Crypto in India.”
6 Supported Fiat Currencies on Binance
At the moment, Binance’s trading platform supports 6 fiat currencies, including the already mentioned Indian Rupee (INR), the Russian Ruble (RUB), the Nigerian Naira (NGN), the Euro (EUR), the Kazakhstani Tenge (KZT) and the Ukrainian Hryvnia (UAH). Bitcoin can be purchased with Rupees, but Binance doesn’t offer trading against this fiat currency at the moment.