CoinDCX offers 1% bonus to investors shifting from foreign crypto platforms
CoinDCX is offering a 1% bonus to all investors who wish to shift their holdings to the platform in a bid to capitalise 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, with a cap of Rs 10,000 per person.
Through this initiative, the exchange expects a 500% surge in fresh inflows, contributing to an overall 10,000% increase in cryptocurrency deposits, Minal Thakur, EVP, Growth & Strategy at CoinDCX told ET.
“In alignment with our unwavering commitment to the community, we have dedicated $1 million to incentivise users transitioning to CoinDCX,” Thakur said.
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View Details»“Transferring assets between January 8 and 17, 2024, comes with exclusive benefits as users can enjoy a guaranteed 1% bonus on any amount they deposit when making the switch,” he added.
The platform saw a 2000% surge in new inflows last week after the finance ministry issued show cause notices to nine offshore crypto platforms, including Binance, and wrote to the IT ministry seeking a ban on the URLs of these entities for non-compliance to Indian laws.
The financial intelligence unit had sent notices to Binance’s Seychelles, Cayman Islands, Switzerland and Singapore offices. Among the eight other exchanges under the ministry’s ambit are Kucoin, Huobi, Gate.io, Bittrex, Bitstamp, MEXC Global, Bitfinex. These global exchanges do not have a registered entity in India and are therefore, causing a tax leakage of nearly Rs 3,000 crore to the
