Binance Allows Crypto Deals In Rupees
Binance, the world’s largest cryptocurrency exchange, is making it easier for Indian merchants to transact in rupees by accepting financial transfers through local bank accounts, services like Google Pay, and even cash.
While Indian regulators have taken note of these transactions, the paper states that Binance isn’t legally breaking any rules because it doesn’t have a rupee bank account and solely acts as a neutral third-party for cryptocurrency transfers.
Local traders who use Binance, on the other hand, may be in violation of exchange control and anti-money laundering regulations.
Binance’s peer-to-peer service provides buyers and sellers with a choice of payment alternatives, including ‘cash deposit to bank’ and ‘cash in person.’ Local crypto players recently showed the Reserve Bank of India (RBI) a video depicting a Binance crypto exchange, with payment completed using an India-based digital wallet.
(With inputs from Shikha Singh)
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