While banks in India are no longer allowed to deal with crypto exchanges and the majority of them have been forced to go out of business, a few platforms are resisting as best they can by offering crypto services. – P2P trading, this is particularly the case of WazirX.
On its blog, Binance announced that following the acquisition of WazirX, a crypto-fiat gateway, allowing to buy and sell Tether (USDT) against Indian rupee, would be set up.
Although the amount of the transaction was not disclosed, according to the IndiaTimes, the platform would have been sold between 5 and 10 million dollars.
The number 1 exchange in terms of trading volume specifies that in addition to attacking the cryptocurrency market in India, it is also investing in the blockchain ecosystem with the financing of several local startups such as Matic Network , which recently raised funds on its Binance Launchpad platform.
Born in China, Binance fled its home country for Singapore and Malta following the tightening of Chinese cryptocurrency regulations in late 2017.
The company now offers services that offer the ability to exchange cryptocurrencies like Bitcoin for fiat currency on almost every continent.
Last month, it introduced a P2P crypto-trading service in China that works through the country’s major mobile apps.