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January 17, 2024

BuyUcoin Initiates Zero-Fee Transfer in Wake of FIU Crackdown

BuyUcoin, India's avant-garde digital asset exchange, as FIU revolutionizes the transfer game entirely

In response to the recent crackdown by the Financial Intelligence Unit India (FIU-IND) on offshore crypto exchanges, BuyUcoin, India's second-longest-running digital asset exchange, takes a significant stride towards ensuring the safety and seamless transition of Indian digital asset owners. Committed to regulatory compliance and user protection, BuyUcoin announces a groundbreaking initiative that not only reimburses entire withdrawal fees for Indian users but also adds a 1% bonus for those transferring their assets from offshore platforms.

Amid growing concerns about the safety of digital assets following the FIU's actions and subsequent show cause notices, BuyUcoin positions itself as an FIU-compliant crypto exchange, offering a hassle-free and cost-free process for transferring assets from offshore exchanges to its platform.

Shivam Thakral, CEO of BuyUcoin, expressed his enthusiasm about India's positive strides towards digital asset regulations, "We are delighted to see that India is taking positive strides towards digital asset regulations, and BuyUcoin is proud to contribute to India’s ambitions to become a global hub for Web3 innovation. At BuyUcoin, adherence to compliance measures is a topmost priority as it is essential for promoting responsible use of digital assets."

Thakral emphasized the importance of a regulated environment, "A regulated environment will provide a level-playing field for all the players in the industry and create a strong security layer around India’s thriving digital asset ecosystem with a strong focus on user protection."

As part of this initiative, BuyUcoin will reimburse withdrawal fees for users, requiring them to submit proof of fees paid during asset transfer. After verification, the fees will be credited back to the users' BuyUcoin wallets. Additionally, a 1% bonus will be granted for assets transferred to the BuyUcoin platform.

BuyUcoin, India’s leading digital asset exchange since 2016, boasts a user base of over 1 million active users and offers VDA trading services across the country. Pioneering innovation and regulatory collaboration, BuyUcoin has been at the forefront of the digital asset industry, evident in its initiation of a regulatory sandbox in 2021 for increased collaboration between regulatory authorities and industry players.

In a landscape increasingly focused on compliance and user safety, BuyUcoin's latest initiative not only addresses the concerns of Indian digital asset owners but also solidifies its commitment to providing a secure and user-friendly platform. As India navigates the evolving terrain of digital asset regulations, BuyUcoin emerges as a pivotal player in fostering a globally recognized hub for Web3 innovation.

Josefina Dipaolo
Josefina Dipaolo
Content writer at TechNews180
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