Binance, one of the world’s largest cryptocurrency exchanges by trading volume, is not currently available in India. However, that could soon change.
Binance CEO Changpeng Zhao has hinted that the exchange may soon enter the Indian market. In an interview with BloombergQuint, Zhao said that Binance was “very confident” that it would be able to launch in India within the next few months.
This is not the first time Binance has expressed interest in entering the Indian market. In 2018, Binance was reportedly in talks with Indian exchanges about setting up a joint venture.
However, those talks fell through.
The Indian government has not been receptive to cryptocurrencies in recent years. In 2018, the Reserve Bank of India (RBI) banned banks from providing services to cryptocurrency businesses.
NOTE: WARNING: Binance is not currently available in India. Trading cryptocurrencies on Binance is illegal in India and could result in legal consequences. Please exercise caution when using any cryptocurrency exchange or service, as regulations and laws vary from country to country.
The RBI’s ban was later overturned by the Supreme Court of India.
However, the Indian government is reportedly working on a new law that would ban cryptocurrencies altogether. If enacted, this law could make it very difficult for Binance to enter the Indian market.
Despite the challenges, Binance remains interested in serving the Indian market. Zhao said that Binance is “very patient” and will continue to try to enter the market “in a compliant way.”
It remains to be seen if Binance will be able to launch in India within the next few months. However, the exchange has been clear about its interest in serving the Indian market.
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