Indian crypto exchange BuyUcoin has announced that it will now reimburse the entire withdrawal fees for local users transferring their assets from offshore exchanges amid ongoing crackdown.
The FIU-IND, a unit of the Finance Ministry, recently issued show cause notices to numerous offshore crypto exchanges, including Binance, Kraken, Gate.io and many others for non-compliance with the Prevention of Money Laundering Act (PMLA). Apple and Google have already removed apps of all these crypto exchanges from play their app stores.
The FIU urged the Ministry of Information Technology to block URLs and remove apps of these exchanges. Shivam Thakral, CEO of BuyUcoin, told CryptoNews,
“A regulated environment will provide a level-playing field for all players in the industry and create a strong security layer around India’s thriving digital asset ecosystem with a strong focus on user protection.”
As part of BuyUcoin’s initiative, users will be reimbursed for the withdrawal fees incurred during the transfer of assets from offshore platforms upon submission of proof of payment. Additionally, the platform is offering a 1% bonus to users transferring their digital assets to BuyUcoin.
Indian Exchanges Compete to Attract Users from Offshore Exchanges
CoinDCX, another Indian crypto exchange, is also capitalizing on the government’s crackdown on offshore crypto trading platforms.
CoinDCX has earmarked $1 million as incentives for investors looking to withdraw from offshore crypto exchanges, offering a 1% bonus with a cap of Rs 10,000 per person.
As reported earlier, CoinDCX reported a nearly 2000% surge in deposits since the offshore exchanges were served with show cause notice.
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