Binance Discontinues Cash Payment Option For P2P Crypto Trades In India

Binance, a major cryptocurrency exchange, has suspended cash payments for peer-to-peer (P2P) cryptocurrency trades, preventing local users from buying or selling supported cryptocurrencies.

The move is likely for compliance reasons to prevent users from bypassing government rules, such as tax requirements.

However, some stakeholders have also raised safety concerns with the cash option, including physical assaults and forced transfers of virtual assets.

Binance’s action may signal a willingness to comply with the Indian government, as the trades technically do not defy local laws.

The decision may affect other crypto exchanges, further stifling the cryptocurrency scene in India. India’s stance on cryptocurrencies seems split between authorities, with the Securities and Exchange Board of India (SEBI) focusing on establishing a framework for investors to participate in crypto trading, while the Reserve Bank of India (RBI) is tasked with handling stablecoins and other cryptocurrencies backed by fiat currencies.

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