Indian organizers turn to Binance

 

Indian organizers turn to Binance

Binance :

1. the world's largest digital currency
2. exchange by volume
3. has recently been in the spotlight

not only because of the departure of eminent persons from many senior executives and the reduction of staff, but also because of their apparent work in India.

Amid prevailing concerns, uncertainty and doubt (FUD) about its regulatory compliance, Binance has carved its own place in the Indian market.

They attract traders by enabling crypto transactions using local currency

but regulators have yet to officially comment on them.

Does Binance operate illegally in India?

A recent report revealed that Binance provides a platform for Indian traders to exchange cryptocurrencies in rupees. as a guarantee

Cryptocurrency Exchange retains the user's digital assets until

the buyer and seller agree to trade and funds are transferred.

Anyone can sell cryptocurrencies from an open wallet with Binance.

Nobody knows. No taxes are paid

but trading continues. An anonymous dealer said "some deals are too big.

This approach allows the settlement of transactions with rupees

effectively connecting domestic and foreign traders.

However : 

this strategy has attracted the attention of the Reserve Bank of India (RBI).

Regulators are now assessing whether local traders may violate foreign exchange

and money laundering rules.

Despite regulatory concerns  :

cryptocurrency enthusiasts in India seem to flock to Binance.

Amid the stifling environment caused by rising taxes and fear of backlash from the RBI, local traders find Binance's rupee-denominated deals an attractive alternative.

Top executives leave Binance

Binance faces increased scrutiny from law enforcement agencies

particularly the U.S. Department of :

Justice (DOJ) and the Securities and Exchange Commission (SEC).

The company and its CEO, Changpeng Zhao, are under investigation for allegedly not applying controls to prevent money laundering.

Furthermore :

Binance's problems were amplified by the exit of several key executives.

These include the General Counsel, the Chief Investigative Officer, the Strategy Director and the Senior Vice-President for Compliance.

However :

Zhao refused to leave as a regular part of business operations.

In a public statement

Zhao acknowledged spin but argued it was due to changes in markets.

He emphasized that such turnover took place in each company and acknowledged the significant contributions of the Panel's former members.

As an institution that has grown from 30 to 8000 people in 6 years

1. from 0 to the world's largest crypto exchange in
2. less than 5 months of incorporation
3. (and retaining this position since)

we have been able to protect our users

Zhao said :

At all times we were very lucky to have some of

the best talent that planet Earth has to offer.