Malta-based Binance and India’s WazirX have undergone several developments together over the past few months. Soon after one of the world’s largest crypto-exchanges announced the acquisition of the India-based crypto-trading platform, a sense of optimism enveloped India’s crypto-ecosystem.
According to a recent announcement by Binance, the Malta-based exchange would now be integrating WazirX’s P2P trading platform into its own system on 13 February 2020 as part of its next phase of development.
According to the exchange, through this imminent integration process, Binance users would be instantly able to transfer funds between Binance and WazirX accounts and users would be enabled access to WazirX directly from their existing Binance accounts. The post added,
“Binance users will also be able to both buy and sell USDT via WazirX’s P2P trading platform directly on Binance.”
The announcement was welcomed by WazirX CEO Nischal Shetty who tweeted that this development is yet “another step forward in solving the Fiat <> Crypto problem globally.”
This development follows the latest Supreme Court hearing on the “Crypto v. RBI” case. India’s central bank, the Reserve Bank of India, had according to many, failed to provide any substantial study or document arguing a strong case to ban cryptocurrencies in the country.
At press time, cryptocurrencies had not exactly been banned in India, with WazirX CEO Nischal Shetty pointing out that the RBI has been presenting conflicting views about the ban. Shetty said,
“RBI itself has come up with some announcement a while back which said that crypto doesn’t really pose a risk to financial stability right now.”
The growing integration between Binance and WazirX is likely to promote a positive wave of crypto-regulations for the next few years in India, especially since the government and regulatory agencies are working towards gaining more clarity about the crypto-ecosystem.