- Following FIU moves against worldwide exchanges, Indian crypto exchanges such as CoinDCX and Mudrex have seen an increase in deposits.
- Deposits at CoinDCX have increased by 2000%, with similar patterns observed at CoinSwitch and WazirX.
- Indian exchanges’ future growth is dependent on regulatory changes and market volatility.
CryptoCaster Quick Check:
Following the Financial Intelligence Unit’s (FIU) recent measures against numerous worldwide crypto exchanges, Indian crypto exchanges have seen a major increase in activity. The FIU’s decision to deliver show-cause notifications to these exchanges, along with a request to restrict their URLs for noncompliance with Indian legislation, has resulted in a significant transfer of funds to local platforms. Deposits and user registrations have increased significantly at CoinDCX and Mudrex, among other exchanges.
Since the FIU’s statement on December 28, 2022, CoinDCX, a leading Indian exchange, has seen an astounding 2000% spike in crypto deposits. The exchange’s status as the first FIU-registered firm, as well as its emphasis on compliance and security, are linked to this increase. Furthermore, the simple method of transferring virtual digital assets from other platforms to CoinDCX has increased its popularity. Sumit Gupta, the exchange’s co-founder and CEO, cited the increase in deposits and signups as evidence of a shift in investor priorities toward platforms that prioritize regulatory compliance.
Impact spanning the Indian cryptocurrency market
The FIU’s actions have repercussions beyond CoinDCX. Mudrex, another global crypto investing platform, claimed a $1 million surge in crypto deposits, as well as a substantial number of new customers. Mudrex’s allure stems from its zero-fee crypto deposits and user-friendly interface, which attracts both seasoned investors and beginners.
Other Indian cryptocurrency exchanges, such as CoinSwitch and WazirX, have seen a spike in trading volumes and cryptocurrency deposits. CoinSwitch, for example, had a 30-35% boost in trading volumes, while WazirX saw a 250% increase in crypto deposits, with a significant increase in average transaction values. Smaller exchanges, such as BuyUcoin, are benefiting from this trend as well, with BuyUcoin’s CEO Shivam Thakral confirming a 2.5x increase in trade volume on their platform.
The future of Indian cryptocurrency exchanges will be heavily influenced by continuing regulatory developments. If regulatory uncertainty persists and measures against non-compliant foreign exchanges continue, users will most likely continue to transfer assets to compliant and secure platforms like CoinDCX. The allure of Indian exchanges might be boosted further by features like as user-friendly interfaces and no deposit fees.
However, the crypto market’s intrinsic volatility, which is affected by global factors and market movements, adds an element of unpredictability. The future path will also be determined by how regulatory regulations evolve and whether the government establishes clearer norms for cryptocurrency trading. The safety and convenience provided by Indian exchanges over offshore platforms will be critical in maintaining this rise.
Furthermore, while the current trend indicates a bright future for Indian exchanges, the long-term growth will be dependent on the interaction of legislative developments, market dynamics, and the platforms’ continuous attraction to users in terms of security, ease of use, and compliance.
We hope you appreciated this article. Before you move on, I was hoping you would consider taking the step of supporting CryptoCaster’s journalism.
From Elon Musk, Larry Fink(BlackRock) to Jamie Dimon(JP Morgan Chase) a number of billionaire owners have a powerful hold on so much of the hidden agendas’ which eludes the public concerning the paradigm shift juxtaposed by cryptocurrency and web3 emerging technologies. CryptoCaster is different. We have no billionaire owner or shareholders to consider. Our journalistic efforts are produced to serve the public interest in crypto development and institutional disruptions – not profit motives.
And we avoid the trap that befalls much U.S. and global media – the tendency, born of a desire to please all sides, to engage in false equivalence in the name of neutrality and retail consumer protection. While fairness and transparency dictates everything we do, we know there is a right and a wrong position in the fight against fiat global banking interest and monetary reconstruction precipitated by the emerging crypto ecology.
When we report on issues like the FTX, Binance and Ripple crisis, we’re not afraid to name who or what is uncovered. And as a crypto sentinel, we’re able to provide a fresh, outsider perspective on the global monetary disruption – one so often missing from the insular American and European media bubble.
Around the world, readers can access the CryptoCaster’s paywall-free journalism because of our unique reader-supported model. That’s because of people like you. Our readers keep us independent, beholden to no outside influence and accessible to everyone – whether they can afford to pay for news and information, or not.
We thankyou for the on-going support our readers have bestowed monetarily. If you have not considered supporting CryptoCaster, if you can, please consider supporting us just once from $1 or more of Bitcoin (satoshi) or Eth, and better yet, support us every month with a little more. Scroll further down this page to obtain CryptoCaster’s wallet addresses.
Please Read Essential Disclaimer Information Here.
© 2022-2023 Crypto Caster provides information. CryptoCaster.world does not provide investment advice. Do your research before taking a market position on the purchase of cryptocurrency and other asset classes. Past performance of any asset is not indicative of future results. All rights reserved.
Contribute to CryptoCaster℠ Via Metamask or favorite wallet. Send Coin/Token to Addresses Provided Below.
BTC – bc1qgdnd752esyl4jv6nhz3ypuzwa6wav9wuzaeg9g
ETH – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
MATIC – 0x7D8D76E60bFF59c5295Aa1b39D651f6735D6413D
LITECOIN – ltc1qxsgp5fykl0007hnwgl93zr9vngwd2jxwlddvqt