Binance enters the Indian market with the acquisition of WazirX
According to an announcement from the company, Binance users will soon be able to buy and sell crypto with Indian rupees (INR) through the Binance Fiat Gateway after the company acquired Indian crypto exchange WazirX. The plan is to integrate WazirX’s unique auto-matching engine with the Binance Fiat Gateway in Q1 of 2020 allowing all digital assets on Binance to be available with the purchase of $USDT on the WazirX platform.
Why it matters:
- This acquisition marks another effort from Binance to move into fiat to crypto markets as they have in Uganda, Jersey, Singapore, and more recently the U.S.
- Last April, the Reserve Bank of India issued a notice asking banks to stop dealing with cryptocurrency businesses. This made it difficult for many exchanges to operate and led to many shutting down. Binance has extensive experience entering new markets and believes they will be able to scale their business in India.
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