Quick Take
Indian crypto exchange BuyUcoin reassures users by fully reimbursing withdrawal fees for transferring assets from offshore exchanges amid FIU crackdown. The move showcases BuyUcoin’s commitment to user safety and regulatory compliance in the evolving Indian crypto landscape.
BuyUcoin will fully reimburse withdrawal fees on transfer from offshore exchanges
Indian cryptocurrency exchange, BuyUcoin, has taken significant steps to reassure Indian users amidst the Financial Intelligence Unit India’s (FIU-IND) recent crackdown on offshore crypto exchanges. BuyUcoin announced that it will fully reimburse withdrawal fees for Indian users when they transfer their digital assets from offshore exchanges or wallets to their BuyUcoin accounts.
The FIU-IND, a unit of the Finance Ministry, recently issued show-cause notices to nine offshore crypto exchanges, including Binance and Kraken, for failing to comply with the Prevention of Money Laundering Act (PMLA). This led to FIU-IND urging the Ministry of Information Technology to block URLs and remove apps associated with these non-compliant offshore exchanges. India has now reportedly suspended access to these offshore cryptocurrency exchanges.
BuyUcoin, which is an FIU-compliant crypto exchange, has emerged as a safe and hassle-free option for Indian digital asset owners looking to bring their assets within the regulatory framework. The exchange’s move to reimburse withdrawal fees not only eases the financial burden on users but also emphasizes its commitment to safeguarding the interests of the Indian crypto community.
Shivam Thakral, CEO of BuyUcoin, expressed his satisfaction with India’s efforts to regulate digital assets and emphasized BuyUcoin’s role in contributing to the country’s aspirations to become a global hub for Web3 innovation.
Thakral stated, “At BuyUcoin, adherence to compliance measures is a topmost priority as it is essential for promoting the responsible use of digital assets.”
He added, “A regulated environment will provide a level-playing field for all the players in the industry and create a strong security layer around India’s thriving digital asset ecosystem with a strong focus on user protection.”
As part of its initiative, BuyUcoin will refund the withdrawal fees incurred by users during the transfer of assets from offshore platforms to BuyUcoin. To qualify for the reimbursement, users will need to provide proof of fees paid during the asset transfer. After verification, BuyUcoin will promptly reimburse the fees into the respective users’ BuyUcoin wallets. Additionally, BuyUcoin will offer a 1% bonus on the transfer of digital assets to its platform, incentivizing users to make the switch.
Established in 2016, BuyUcoin is India’s leading digital asset exchange with a user base of over 1 million active users. The exchange offers a wide range of digital assets for trading and is known for its innovative and technology-led services that enhance the user experience. In a pioneering move for the Indian digital asset industry, BuyUcoin initiated a regulatory sandbox in 2021 to foster greater collaboration between regulatory authorities and digital asset industry participants.
BuyUcoin’s commitment to compliance and user protection, especially during this period of heightened regulatory scrutiny, demonstrates its dedication to providing a secure and transparent platform for Indian digital asset enthusiasts. As India navigates its way towards comprehensive digital asset regulations, BuyUcoin’s proactive approach is poised to make a significant impact on the country’s crypto landscape.
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