- January 16, 2024
- Posted by: [email protected]
- Category:
BuyUcoin has unveiled a strategic move in response to the ongoing regulatory crackdown on offshore exchanges in India. The exchange announced a bold initiative to fully reimburse withdrawal fees for local users transferring their assets from offshore exchanges.
The Financial Intelligence Unit of India (FIU-IND), a unit under the Finance Ministry, recently issued show cause notices to several offshore crypto exchanges, including major players like Binance, Kraken, and Gate.io, citing non-compliance with the Prevention of Money Laundering Act (PMLA). In the aftermath, tech giants Apple and Google took action by removing the apps from these exchanges from their respective app stores.
BuyUcoin’s CEO, Shivam Thakral, shared insights with CryptoNews, revealing that users would be eligible for a complete reimbursement of withdrawal fees incurred during the transition of assets from offshore platforms. To avail of this offer, users are required to submit proof of payment. As an additional incentive, the platform is offering a 1% bonus to users transferring their digital assets to BuyUcoin.
CoinDCX, another prominent Indian cryptocurrency exchange, is also leveraging the government’s intensified actions against offshore crypto trading platforms. CoinDCX has allocated a substantial $1 million as incentives for investors seeking to withdraw from offshore exchanges, presenting a 1% bonus with a cap of Rs 10,000 per person.
In line with these developments, CoinDCX reported a staggering nearly 2000% surge in deposits since the offshore exchanges received show-cause notices. Both BuyUcoin and CoinDCX are capitalizing on the shifting regulatory landscape by providing attractive incentives for users to transition their assets to compliant local platforms.
As the government’s scrutiny of offshore crypto exchanges continues, these initiatives by BuyUcoin and CoinDCX underscore a proactive approach within the Indian cryptocurrency ecosystem. The strategic moves aim to not only attract users seeking compliant platforms but also position these exchanges as responsible players in the evolving regulatory landscape.
