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Binance Opens Indian Rupee (INR) Fiat Gateway Through WazirX
Updated on 2022-08-12: We would like to clarify that the “acquisition” described below was limited to an agreement to purchase certain assets and intellectual property of WazirX. Binance did not purchase any equity (and does not own any equity) in Zanmai Labs, the entity operating WazirX and established by the original founders. WazirX (including the foregoing assets) continues to be operated and managed by Zanmai Labs. In addition, as mentioned in our update, we have removed the off-chain fund transfer channel between WazirX and Binance. Effective from 2022-08-11 03:00 (UTC), Binance will cease to support off-chain fund transfers between WazirX Exchange and Binance via the “Login with Binance” option.
Earlier Binance announced its acquisition of WazirX, India's most trusted bitcoin exchange. Starting today, you can buy and sell crypto with Indian rupees (INR) on the Binance Buy/Sell Crypto Page.
Buy/Sell crypto with INR
Step 1: Visit Binance Buy/Sell Crypto website and select INR
Step 2: Enter the amount of USDT you would like to Buy/Sell with INR
Step 3: Complete the transaction by creating an account on WazirX
Creating an account on WazirX is quick and easy, takes a few minutes. Once verified buy/sell USDT with INR on WazirX P2P.
Buy/Sell on WazirX
- Place a buy order in the P2P order book. Using WazirX’s unique auto-matching engine you’ll be instantly auto-matched with a buyer/seller.
- Simply complete the INR transaction.
In Q1 of 2020, WazirX’s unique auto-matching engine will be integrated into the Binance Fiat Gateway platform itself, bringing easy cryptocurrency access with INR. Users on Binance.com will be able to directly place orders on Binance.com and the Binance iOS or Android app to purchase Tether (USDT) against INR. This integration will allow users to trade any digital asset available on Binance.com with the purchase of USDT from the WazirX digital asset marketplace.
What is WazirX?
Launched in 2018, WazirX is India's largest and most trusted cryptocurrency exchange with more than 200,000 app downloads with an average rating of 4.4. They have recently gone global. WazirX also launched the world's first auto-matching P2P (Peer-to-Peer) engine to help traders to convert Indian Rupees to crypto and vice versa. Today, it is the simplest, fastest and most-used method to deposit or withdraw Indian Rupees in India.
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