(IMAGE: WAZIRX AND BINANCE TWITTER)
WazirX was acquired by Binance, a worldwide cryptocurrency exchange, in November 2019. Binance is one of, if not the largest, cryptocurrency exchanges in the world. Binance has a number of innovative crypto trading capabilities that no other Indian crypto exchange has. Furthermore, Binance offers the largest cryptocurrency collection on their site, with more than 500 coins and tokens accessible for purchase. Users of WazirX who want to acquire more cryptocurrencies that aren't available on their platform but are available on Binance can do so by linking their Binance and WazirX accounts.
Since WazirX is partly owned by Binance, users can freely transfer funds and cryptocurrencies between the two exchanges. WazirX money transfer is a straightforward procedure. Before doing anything further, they should make sure they have accounts on WazirX and Binance. Transferring funds between WazirX and Binance is simple once users have set up their accounts on both platforms.
The cryptocurrency market in India has been suffering volatility on Tuesday, following reports that an anti-crypto bill could be introduced later during the Winter session of the parliament. The central government is expected to introduce "The Cryptocurrency and Regulation of Official Digital Currency Bill, 2021" in Parliament's Winter Session, which will restrict the usage of most cryptocurrencies except a few. As of this morning, all major cryptocurrencies had dropped by 15% or more, with Bitcoin down over 17%, Ethereum down almost 15%, and Tether down nearly 18%.
In an exclusive interview with Republic Media Network, CEO of cryptocurrency trading platform WazirXIndia, Nishal Shetty claimed that cryptocurrencies classified as assets and utilities would be exempt from the ban. It's worth noting that the bill's stated purpose is to establish a facilitative framework for the formation of the official digital currency to be issued by the Reserve Bank of India (RBI).
"The whole Central Bank digital currency is a big win in general because that allows RBI to eventually come up with India's own digital token. But other crypto assets are not mutually exclusive...Bitcoin and everything else don't fall under cryptocurrencies, they fall under assets and utilities. So, these are very mutually exclusive things".
Shetty also seemed to be against the idea of a total ban as he said, "To create a national digital currency, you don't have to worry about banning an asset or utility. You can definitely ban any crypto that wants to be a currency. That has been done in a few other countries, but it does not mean a total ban on the entire technology or the entire blockchain ecosystem."