{"id":33836,"date":"2023-07-10T18:00:25","date_gmt":"2023-07-10T22:00:25","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/binance-facilitates-crypto-deals-for-indians-in-rupees\/"},"modified":"2023-07-10T18:00:27","modified_gmt":"2023-07-10T22:00:27","slug":"binance-facilitates-crypto-deals-for-indians-in-rupees","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=33836","title":{"rendered":"Binance Facilitates Crypto Deals for Indians in Rupees"},"content":{"rendered":"<div>\n<p style=\"text-align:justify;\">Binance, the world\u2019s largest crypto exchange by market cap, is reportedly attracting traders in India, allowing them to buy and sell cryptos in Indian rupees.<\/p>\n<p style=\"text-align:justify;\">The fund transfers are carried out from local bank accounts or services like Google Pay or by accepting cash.<\/p>\n<p style=\"text-align:justify;\">The exchange acts as a neutral third party, providing an &#8216;escrow service\u2019 that pairs a local buyer and seller in an offshore marketplace while settling the payment in Indian rupees (INR), a recent report by Economic Times, noted.<\/p>\n<p style=\"text-align:justify;\">Indian regulators are aware of these transactions, the report said. Also, Binance isn\u2019t violating any laws as they do not hold a rupee bank account. Besides, they only provide escrow services for crypto transfers, which are not recognized as legal tender.<\/p>\n<p style=\"text-align:justify;\">However, local traders who advertise for buying and selling cryptos on the Binance platform could potentially be violating exchange control rules and anti-money laundering.<\/p>\n<p>\u201cSomeone can sell crypto from his wallet opened with Binance to another buyer in India who receives the crypto in his wallet with Binance and then pay him off in rupees. No one gets to know. No tax is paid, but trading goes on. Some of the trades are quite large,\u201d a crypto trader noted.<\/p>\n<h2 style=\"text-align:justify;\">How Do Binance\u2019s Crypto Deals in Rupees Work?<\/h2>\n<p style=\"text-align:justify;\">Per the report, the Binance peer-to-peer service includes a variety of payment options for Indian traders such as UPI, IMPS, Google Pay, \u2018cash deposit to bank\u2019 and \u2018cash in person.\u2019<\/p>\n<p style=\"text-align:justify;\">Recently, local crypto players showed a video to the Reserve Bank of India, the country\u2019s central bank, that portrayed a crypto trade on Binance, using an India-based digital wallet.<\/p>\n<p style=\"text-align:justify;\">The video was shared after the Bharat Web3 Association, India&#8217;s newly formed crypto policy advocacy group, separately asked the government to let crypto firms access the national Unified Payments Interface (UPI) after it was banned last year.<\/p>\n<p style=\"text-align:justify;\">Additionally, Indians have moved their cryptos to wallets with foreign exchanges, decreasing user activity on India-based exchanges to 90% in 2022.<\/p>\n<p>According to a research study by Esya Centre, a New Delhi-based technology policy think tank, Indians moved over $3.8 billion in trading volume from local to international crypto exchanges after the country announced strict crypto tax rules last year.<\/p>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/binance-facilitates-crypto-deals-for-indians-rupees.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Binance, the world\u2019s largest crypto exchange by market cap, is reportedly attracting traders in India, allowing them to buy and sell cryptos in Indian rupees. The fund transfers are carried out from local bank accounts or services like Google Pay or by accepting cash. The exchange acts as a neutral third party, providing an &#8216;escrow [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":33837,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-33836","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Binance Facilitates Crypto Deals for Indians in Rupees | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Binance, the world\u2019s largest crypto exchange by market cap, is reportedly attracting traders in India, allowing them to buy and sell cryptos in Indian\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=33836\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Binance Facilitates Crypto Deals for Indians in Rupees | iFintechWorld\" \/>\n<meta property=\"og:description\" content=\"Binance, the world\u2019s largest crypto exchange by market cap, is reportedly attracting traders in India, allowing them to buy and sell cryptos in Indian\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ifintechworld.com\/?p=33836\" \/>\n<meta property=\"og:site_name\" content=\"iFintechWorld\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-10T22:00:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-10T22:00:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/pexels-sohel-patel-68912___media_library_original_1200_900.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"900\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"News Room\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"News Room\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/ifintechworld.com\/?p=33836#article\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=33836\"},\"author\":{\"name\":\"News Room\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\"},\"headline\":\"Binance Facilitates Crypto Deals for Indians in Rupees\",\"datePublished\":\"2023-07-10T22:00:25+00:00\",\"dateModified\":\"2023-07-10T22:00:27+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=33836\"},\"wordCount\":381,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"keywords\":[\"Featured\"],\"articleSection\":[\"Crypto\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/ifintechworld.com\/?p=33836#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ifintechworld.com\/?p=33836\",\"url\":\"https:\/\/ifintechworld.com\/?p=33836\",\"name\":\"Binance Facilitates Crypto Deals for Indians in Rupees | iFintechWorld\",\"isPartOf\":{\"@id\":\"https:\/\/ifintechworld.com\/#website\"},\"datePublished\":\"2023-07-10T22:00:25+00:00\",\"dateModified\":\"2023-07-10T22:00:27+00:00\",\"description\":\"Binance, the world\u2019s largest crypto exchange by market cap, is reportedly attracting traders in India, allowing them to buy and sell cryptos in Indian\",\"breadcrumb\":{\"@id\":\"https:\/\/ifintechworld.com\/?p=33836#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ifintechworld.com\/?p=33836\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ifintechworld.com\/?p=33836#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ifintechworld.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Binance Facilitates Crypto Deals for Indians in Rupees\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ifintechworld.com\/#website\",\"url\":\"https:\/\/ifintechworld.com\/\",\"name\":\"Repay Down\",\"description\":\"Latest Personal Finance News, Tips and Updates\",\"publisher\":{\"@id\":\"https:\/\/ifintechworld.com\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ifintechworld.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\/\/ifintechworld.com\/#organization\",\"name\":\"Repay Down\",\"url\":\"https:\/\/ifintechworld.com\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png\",\"width\":558,\"height\":90,\"caption\":\"Repay Down\"},\"image\":{\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/\"}},{\"@type\":\"Person\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61\",\"name\":\"News Room\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"contentUrl\":\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png\",\"caption\":\"News Room\"},\"sameAs\":[\"https:\/\/ifintechworld.com\"],\"url\":\"https:\/\/ifintechworld.com\/?author=1\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Binance Facilitates Crypto Deals for Indians in Rupees | iFintechWorld","description":"Binance, the world\u2019s largest crypto exchange by market cap, is reportedly attracting traders in India, allowing them to buy and sell cryptos in Indian","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ifintechworld.com\/?p=33836","og_locale":"en_US","og_type":"article","og_title":"Binance Facilitates Crypto Deals for Indians in Rupees | iFintechWorld","og_description":"Binance, the world\u2019s largest crypto exchange by market cap, is reportedly attracting traders in India, allowing them to buy and sell cryptos in Indian","og_url":"https:\/\/ifintechworld.com\/?p=33836","og_site_name":"iFintechWorld","article_published_time":"2023-07-10T22:00:25+00:00","article_modified_time":"2023-07-10T22:00:27+00:00","og_image":[{"width":1200,"height":900,"url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/pexels-sohel-patel-68912___media_library_original_1200_900.jpg","type":"image\/jpeg"}],"author":"News Room","twitter_card":"summary_large_image","twitter_misc":{"Written by":"News Room","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/ifintechworld.com\/?p=33836#article","isPartOf":{"@id":"https:\/\/ifintechworld.com\/?p=33836"},"author":{"name":"News Room","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61"},"headline":"Binance Facilitates Crypto Deals for Indians in Rupees","datePublished":"2023-07-10T22:00:25+00:00","dateModified":"2023-07-10T22:00:27+00:00","mainEntityOfPage":{"@id":"https:\/\/ifintechworld.com\/?p=33836"},"wordCount":381,"commentCount":0,"publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"keywords":["Featured"],"articleSection":["Crypto"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/ifintechworld.com\/?p=33836#respond"]}]},{"@type":"WebPage","@id":"https:\/\/ifintechworld.com\/?p=33836","url":"https:\/\/ifintechworld.com\/?p=33836","name":"Binance Facilitates Crypto Deals for Indians in Rupees | iFintechWorld","isPartOf":{"@id":"https:\/\/ifintechworld.com\/#website"},"datePublished":"2023-07-10T22:00:25+00:00","dateModified":"2023-07-10T22:00:27+00:00","description":"Binance, the world\u2019s largest crypto exchange by market cap, is reportedly attracting traders in India, allowing them to buy and sell cryptos in Indian","breadcrumb":{"@id":"https:\/\/ifintechworld.com\/?p=33836#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ifintechworld.com\/?p=33836"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ifintechworld.com\/?p=33836#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ifintechworld.com\/"},{"@type":"ListItem","position":2,"name":"Binance Facilitates Crypto Deals for Indians in Rupees"}]},{"@type":"WebSite","@id":"https:\/\/ifintechworld.com\/#website","url":"https:\/\/ifintechworld.com\/","name":"Repay Down","description":"Latest Personal Finance News, Tips and Updates","publisher":{"@id":"https:\/\/ifintechworld.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ifintechworld.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/ifintechworld.com\/#organization","name":"Repay Down","url":"https:\/\/ifintechworld.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/rep-logo-dark.png","width":558,"height":90,"caption":"Repay Down"},"image":{"@id":"https:\/\/ifintechworld.com\/#\/schema\/logo\/image\/"}},{"@type":"Person","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/6224724fd4116361255b179dc5c70b61","name":"News Room","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ifintechworld.com\/#\/schema\/person\/image\/","url":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","contentUrl":"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/04\/avatar_user_1_1682606986-96x96.png","caption":"News Room"},"sameAs":["https:\/\/ifintechworld.com"],"url":"https:\/\/ifintechworld.com\/?author=1"}]}},"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/33836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=33836"}],"version-history":[{"count":1,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/33836\/revisions"}],"predecessor-version":[{"id":33838,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/posts\/33836\/revisions\/33838"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=\/wp\/v2\/media\/33837"}],"wp:attachment":[{"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=33836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=33836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ifintechworld.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=33836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}