Binance stops cash payment for P2P trades
Crypto traders in India can no longer cut 'cash deals' on Binance, the world's largest cryptocurrency exchange.
Until recently, local punters could use the 'escrow service' offered by the offshore exchange to post a buy or sell order on the exchange platform and close a transaction by making payment in rupees here. Besides standard payment options like online fund transfers or UPI, traders had the flexibility to settle a trade through physical delivery of cash as well as depositing cash in a bank account.
The option came in handy in escaping the stifling tax imposed by New Delhi on crypto trades.
Now, Binance, sources confirmed, has stopped offering the 'cash option' in rupee for such 'peer to peer' (P2P) trades. However, regular non-cash modes of payment in rupees are still available.
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View Details»The exchange, which has had run-ins with regulators in some of the countries, is probably driven by the need to demonstrate a higher compliance standard for gaining legitimacy in markets like India.
According to Purushottam Anand, founder of Crypto
