After receiving a warning from the FIU about foreign cryptocurrency exchanges, there’s been a noticeable uptick in deposits on Indian crypto platforms.
This increase suggests that people are pulling their money out of foreign exchanges, likely out of fears over possible financial losses or issues accessing their assets.
The announcement from the government makes it clear that they can block the websites of the mentioned crypto exchanges.
As a result, many are deciding to move their funds from these international platforms and are instead investing or storing them in Indian-based cryptocurrency exchanges to steer clear of any potential fallout.
This seems to mark the beginning of a promising era for crypto in India, with the possibility of witnessing further increases in crypto deposits on Indian exchanges.
Mudrex, a renowned international platform for crypto investments, saw an unexpected rise of $1 million in cryptocurrency deposits, notably from prominent exchanges such as Binance.
Meanwhile, CoinDCX announced a remarkable 2000% increase in crypto deposits since December 28. This significant surge is attributed to user apprehensions regarding offshore exchanges not adhering to regulations, further intensified by the recent compliance warnings issued by FIU IND.
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