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Domestic cryptocurrency exchanges are offering incentives to attract traders and investors, including bonuses, cashback on deposits, and reimbursement of transfer fees.
This comes as the Indian government cracks down on offshore exchanges. CoinDCX has allocated a $1 million Treasury Fund to facilitate asset transfers for investors from offshore exchanges, offering a 1% bonus on all crypto deposits made between January 9 and 17.
CoinSwitch has announced a 2% guaranteed cashback for crypto deposits to CoinSwitch PRO, incentivizing responsible trading.
BuyUcoin will reimburse withdrawal fees for users transferring assets from offshore platforms and offer a 1% bonus on digital asset transfers.
These developments have led to large trading volumes returning to domestic exchanges, which are FIU-IND complaint.
With inputs from Shikha Singh
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