Regulatory issues in India

Himanshu Chaudhary asked 1 year ago

I’m from India and purchased ripple and eth from . I have ripple in koinex but transferred my ETH to Binance and purchased TRX, ADA & XVG – Now INDIAN govt is thinking of blocking the trading in India and the govt might block the access of money.. if they do so — is there a way in the futur that I can sell my alt coin in Binance and put money into my INDIAN account

1 Answers
Steven Hay answered 1 year ago

Hello Himanshu,

If the govt. bans crypto then you will indeed struggle to withdraw fiat from Binance to your Indian bank account. It’s likely that the bank will be instructed to block such transactions. However, you will still be able to withdraw crypto from Binance into your cryptocurrency wallets. You may then sell the crypto privately, for cash or other payment methods. would be a good website to facilitate this. Note that I’m not suggesting that you break the law if the govt. bans crypto entirely, just stating how you could get around a ban on Indian banks handling crypto-related transactions.

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