Binance buys Indian exchange WazirX and hopes to win 1 billion customers

Binance buys Indian exchange and hopes to win 1 billion customers

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Binance has bought Indian exchange WazirX for 5 to 10 million dollars. Binance is buying access to the Indian crypto market. The move comes after China has banned all crypto exchanges. Binance is switching quickly and now hopes to get the 1 billion customers out of the Indian subcontinent.

Crypto exchange Binance has taken over Indian crypto exchange WazirX. WazirX is one of the last remaining Indian crypto exchanges. This is because Indian regulations have acted strictly against crypto in the last year.

Binance’s choice to buy WazirX is, therefore, a gamble. Clear regulations will probably not be published until January 2020. Whether this regulation will be positive for crypto exchanges is still completely unclear.

Last man standing

WazirX is one of the last remaining Indian exchanges. Koinex, Coindelta, Coinome, and Zebpay have all gone bankrupt due to strict action by the Indian financial watchdog. The new regulation, which is due in January, can also go completely the wrong way: one of the bills would prohibit crypto and punish its use with 10 years in jail.

Conquer India

If the regulations turn out to be positive, then with WazirX, Binance is ready to conquer India. WazirX gives Binance access to fiat-to-crypto support for the Indian rupee. WazirX has the most popular crypto trading app in India. WazirX also has its own WRX utility token with 64,000 users who are encouraged to participate in crypto trading and mining through the token. Finally, WazirX gives Binance access to its peer-to-peer trading system.

By buying WazirX, Binance gambles in an unclear market: if they have guessed correctly, they will gain 1 billion potential customers. Then an investment of 5 to 10 million dollars is worth it.

About Shawn Morrison 266 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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