Recently, Binance suspended its P2P cash operations in India in order to maintain regulatory compliance.
According to what the source “99Bitcoins” reported, cash transactions were convenient for users in areas with limited banking access.
However, Binance's latest measure aims to mitigate the risks of money laundering and promote a safer trading environment through this measure.
Alternative payment methods:
Global cryptocurrency trading platform Binance has confirmed to its users in the region that alternative payment methods such as bank transfers and digital wallets are still available.
Despite mixed reactions from industry experts, concerns remain about potential impacts on trading volumes and liquidity, especially in cash-focused areas.
The alternative methods offered by Binance reportedly comply with regulatory requirements, reducing the risk of illicit activities and strengthening Binance's commitment to compliance.
This decision highlights a broader trend of increased regulatory scrutiny of the cryptocurrency industry.
It is worth noting that the Financial Intelligence Unit (FIU) registered both Binance and KuCoin in India, allowing these platforms to re-enter the country.
India's position on cryptocurrencies remains uncertain, as volatile market conditions and regulatory ambiguity have caused uncertainty among traders.
According to statistics, there are more than 19 million investors in cryptocurrencies in India, and there is a growing interest in them.
