India is still lagging behind when it comes to crypto adoption and practicing basic safety measures while choosing a cryptocurrency exchange despite having a vibrant local crypto community. According to a recent survey by Forbes, not even a single Indian exchange had found a place in Top 25 “most trustworthy” crypto exchanges globally.
While major players like CME group, Coinbase and Binance secured their place under Top 5 ranks by Forbes, a handful of Indian cryptocurrency exchanges like WazirX, BitBNS, CoinDCX and CoinSwitch have not even found a place in the ranking list. Recent hacking incident against WazirX exchange and the later mismanagement by the company have spoiled the reputation of Indian exchange, many experts believe.
Forbes had announced the list after keeping certain parameters like how old is the exchange, weighted score, BTC-ETH holdings, regulations, transparency, audit strength cost and much more, but unfortunately no single crypto exchange from India was qualified enough to get ranked into Forbes list.
The cyberattack against WazirX made it clear that security is still a major concern for India’s cryptocurrency industry. India remains on track with expanding crypto adoption but is weak in security measures and has insufficient proper regulations. The stark reality became apparent when victims of WazirX tried seeking justice from the Indian government but were met with disappointment.
On the other hand, the UK together with Australia and the US has implemented precise regulatory rules resulting in crypto exchanges with robust compliance programs reaching the forefront.
India’s crypto industry has to tackle its security vulnerabilities with close cooperation of regulators for building a transparent and comprehensive ecosystem. The upcoming government framework will create more visibility that should allow Indian exchanges to adopt international trading standards and seek improved global rankings.
For Indian exchanges to successfully challenge their global competition they need to intensify their security initiatives and compliance protocols beyond current requirements established by international organizations such as Forbes.
Also Read: India Brings 49 Crypto Exchanges Under FIU Oversight
