In the wake of the recent crackdown by the Financial Intelligence Unit India (FIU-IND) on offshore crypto exchanges, BuyUcoin, India’s second-longest running digital asset exchange, has stepped up to ease the concerns of Indian digital asset owners. The company announced today that it will reimburse the entire withdrawal fees for Indian users transferring their assets from offshore exchanges or wallets to their BuyUcoin accounts. Additionally, BuyUcoin is offering a 1% bonus to users who make this transition, making the process both hassle-free and financially rewarding.
The FIU’s recent actions included issuing show cause notices to numerous offshore crypto exchanges for non-compliance with the Prevention of Money Laundering Act (PMLA). In response, FIU requested the Ministry of Information Technology to block their URLs and remove their apps from app stores. This left Indian digital asset owners seeking a secure and compliant platform for their valuable assets, and BuyUcoin, as an FIU-compliant crypto exchange, has emerged as a reliable solution.
Shivam Thakral, CEO of BuyUcoin, expressed his satisfaction with India’s positive strides toward digital asset regulations. He stated, “BuyUcoin is proud to contribute to India’s ambitions to become a global hub for Web3 innovation. Adherence to compliance measures is our top priority as it is essential for promoting responsible use of digital assets.”
Thakral emphasized the significance of a regulated environment, noting that it creates a level playing field for all industry players and establishes a robust security layer around India’s thriving digital asset ecosystem with a strong focus on user protection.
As part of its initiative to support users during this transition, BuyUcoin will reimburse the withdrawal fees incurred when transferring assets from offshore platforms to BuyUcoin. Users are required to submit proof of fees paid during the asset transfer process, and upon verification, BuyUcoin will reimburse the fees directly into the BuyUcoin wallets of the respective users. Furthermore, users will receive a 1% bonus on the transfer of their digital assets to the BuyUcoin platform.
BuyUcoin, operating since 2016, is India’s leading digital asset exchange with a user base exceeding 1 million active users. The platform offers Virtual Digital Asset (VDA) trading services across India and boasts the widest range of digital assets available for trading. Known for its innovation and technology-led services, BuyUcoin pioneered the initiation of a regulatory sandbox in 2021, fostering increased collaboration between regulatory authorities and digital asset industry players.
As the crypto landscape in India undergoes transformation, BuyUcoin stands as a beacon of compliance, security, and user-centric services, ensuring that Indian crypto owners can navigate the evolving regulatory environment with confidence. The platform’s commitment to reimbursing withdrawal fees and offering bonuses reflects its dedication to supporting users during this pivotal period in the digital asset industry.