BuyUcoin protects Indian crypto users amid FIU crackdown on overseas exchanges.

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Indian cryptocurrency exchange BuyUcoin reassures users by fully reimbursing withdrawal fees incurred when transferring assets from overseas exchanges amid FIU crackdown. This move demonstrates BuyUcoin’s commitment to user safety and compliance in the evolving Indian cryptocurrency landscape.

BuyUcoin fully reimburses withdrawal fees when transferring from overseas exchanges.

BuyUcoin, an Indian cryptocurrency exchange, has recently taken an important step to reassure its Indian users amid a crackdown by the Financial Intelligence Unit of India (FIU-IND) on foreign cryptocurrency exchanges. BuyUcoin has announced that it will fully reimburse Indian users withdrawal fees when they transfer digital assets from overseas exchanges or wallets to their BuyUcoin accounts.

FIU-IND, an agency under the Ministry of Finance, We recently issued show-cause notices to nine overseas cryptocurrency exchanges.Including Binance and Kraken This is because they did not comply with the Prevention of Money Laundering Act (PMLA). This prompted FIU-IND to urge the Ministry of Information Technology to block URLs and remove apps associated with these non-compliant foreign exchanges. India has reportedly now suspended access to these foreign cryptocurrency exchanges.

BuyUcoin, an FIU compliant cryptocurrency exchange, has emerged as a safe and hassle-free option for Indian digital asset owners looking to bring their assets within the regulatory framework. The exchange’s move to reimburse withdrawal fees not only eases the financial burden on users, but also highlights its commitment to protecting the interests of the Indian cryptocurrency community.

Shivam Thakral, CEO of BuyUcoin Expressed satisfaction with India’s efforts to regulate digital assets and highlighted BuyUcoin’s role in contributing to India’s aspirations to become a global hub for Web3 innovation.

“At BuyUcoin, adhering to compliance measures is a top priority as it is essential to promoting responsible use of digital assets,” said Thakral.

“The regulated environment will provide a level playing field for all players in the industry and create a strong layer of security around India’s thriving digital asset ecosystem with a strong focus on user protection,” he added.

As part of that initiative, BuyUcoin will refund withdrawal fees incurred by users while transferring assets from overseas platforms to BuyUcoin. To be eligible for a refund, users must provide proof of fees paid during asset transfer. After confirmation, BuyUcoin will immediately reimburse the fee to the user’s BuyUcoin wallet. BuyUcoin also encourages users to switch by offering a 1% bonus when transferring digital assets to the platform.

Founded in 2016, BuyUcoin is India’s leading digital asset exchange with over 1 million active users. The exchange offers a wide range of digital assets for trading and is known for its innovative, technology-driven services that enhance the user experience. In a pioneering move for the Indian digital asset industry, BuyUcoin has launched a regulatory sandbox in 2021 to foster greater collaboration between regulators and digital asset industry players.

BuyUcoin’s commitment to compliance and user protection, especially during a period of heightened regulatory scrutiny, demonstrates its commitment to providing a safe and transparent platform for Indian digital asset enthusiasts. As India moves towards comprehensive digital asset regulation, BuyUcoin’s proactive approach is poised to have a major impact on the country’s cryptocurrency landscape.

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