Indian crypto exchanges record higher trading volumes after FIU action on global exchanges
cryptocurrency exchanges are recording higher trading volumes, deposits, and user registrations following Financial Intelligence Unit's (FIU’s) decision on December 28, 2022, to issue compliance show-cause notices to nine global crypto exchanges along with a request to the IT ministry to block their URLs for not adhering to Indian regulatory norms.
Leading Indian crypto exchange Coin DCX has recorded a sharp increase in deposits post-FIU's action.
“CoinDCX witnesses a phenomenal 2000% surge in crypto deposits as investors prioritise compliance and security. The fact that CoinDCX is the first FIU-registered entity and ISO-certified is working for us. We have enabled crypto deposits, and the process of transferring virtual digital assets (VDAs) from other platforms to CoinDCX is straightforward and hassle-free,” said Sumit Gupta, co-founder & CEO of CoinDCX, which has over 1.4 crore users on its platform currently. “Even our signups have gone up by 2X.”
Another prominent crypto exchange, CoinSwitch, witnessed a jump in trading volumes. It also reinstated crypto deposits on Thursday, a service which it had suspended last year.
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View Details»“Between the week preceding and following December 28th, when FIU announced the action, there has been a notable 30–35% surge in trade volumes on CoinSwitch,” said Balaji Srihari, Business Head, CoinSwitch.
The Bengaluru-based WazirX witnessed not just higher crypto deposits but also higher transaction amounts.
“The number of crypto deposits on WazirX went up by 250% in the days following the FIU
