FIU compliant BuyUcoin to enable zero fee transfer from offshore exchanges

FIU compliant BuyUcoin to enable zero fee transfer from offshore exchanges

New Delhi, 17th January, 2024: BuyUcoin, India’s second-longest running digital asset exchange announced today that it will reimburse entire withdrawal fees for Indian users when they transfer their assets from offshore exchanges/wallets to their BuyUcoin account. After the latest crackdown by FIU on offshore exchanges, Indian digital asset owners were worried about the safety of their valuable digital assets and BuyUcoin, which is an FIU compliant crypto exchange, has made the transfer of digital assets from offshore exchanges a hassle free and no-cost process.

In a recent development, The Financial Intelligence Unit India (FIU-IND), a unit of the Finance Ministry issued a show cause notice to most of the offshore crypto exchanges for not being compliant with the requisite provisions of the Prevention of Money Laundering Act (PMLA). FIU asked the Ministry of Information Technology to block their URLs and remove their apps from app stores. BuyUcoin is taking positive steps to ensure that the users in India feel safe and ensure a smooth transition to a FIU compliant platform like BuyUcoin.

Commenting on the development, Shivam Thakral, CEO of BuyUcoin, said “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 top most priority as it is essential for promoting responsible use of digital assets.

He added “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 a part of the initiative, BuyUcoin will reimburse the withdrawal fees for users incurred during the transfer of assets from offshore platforms to BuyUcoin. Users will have to submit a proof of fees paid during the transfer of assets and after verification, BuyUcoin will reimburse the fees into the BuyUcoin wallets of respective users. In addition to this BuyUcoin will offer 1% bonus on the transfer of digital assets to BuyUcoin platform.

BuyUcoin is India’s leading digital asset exchange operating since 2016. BuyUcoin has a large user base of over 1 million active users and offers VDA trading services across India. BuyUcoin has the widest range of digital assets available for trading on its platform with innovative and technology led services for a rich user experience. Being a pioneer in the digital asset industry, BuyUcoin was the one of the first Indian exchanges to initiate a regulatory sandbox in 2021 for increased collaboration between regulatory authorities and digital asset industry players.