Indian Exchanges See Surge in Crypto Deposits Post FIU Notice
- FIU notices drove users to Indian platforms for security, causing a significant crypto deposit increase.
- Mudrex saw a $1M surge and 10K new users; CoinDCX surged 2000% since Dec 28, reflecting trust in compliant Indian exchanges.
- Continued growth hinges on regulatory clarity, actions against non-compliant exchanges, and Indian exchanges maintaining user-friendly, secure services.
Indian Exchanges Poised for Growth if URLs Blocked
Following a notice from FIU regarding foreign crypto exchanges, Indian exchanges have witnessed a significant surge in crypto deposits. This surge signals that individuals are initiating withdrawals from these foreign exchanges due to concerns about potential fund losses or being unable to access their funds.
The notice clearly indicates that the government has the authority to block the URLs of the crypto exchanges that received the notice. Consequently, people are opting to withdraw their funds from these platforms and are choosing to deposit them into Indian crypto exchanges to avoid facing any adverse consequences.
This seems to mark the beginning of a promising era for crypto in India, with the possibility of witnessing further increases in crypto deposits on Indian exchanges.
Mudrex and CoinDCX Witnessed Surge In Deposits After FIU Notice
Mudrex, a well-known global crypto investment platform, experienced a sudden increase of $1 million in crypto deposits from major exchanges like Binance.
The platform attributed this influx to an array of depositors, many investing over $1000, showcasing Mudrex's appeal to both experienced investors and newcomers. The surge also led to over 10,000 new users joining the platform recently, attracted by its user-friendly interface, seamless experience, and the added advantage of zero fees on crypto deposits.
On the other hand, CoinDCX proudly declared a staggering 2000% surge in crypto deposits since December 28. This remarkable change comes from concerns among users about non-compliant offshore exchanges, magnified by recent compliance Show Cause Notices issued by FIU IND.
COinDCX is a trusted Indian crypto exchange and is also registered with FIU; that's why they have become the first choice of users. Over 1.4 crore Indian users trust CoinDCX for their crypto investments, recognizing its commitment to providing a safe haven for their funds amid regulatory uncertainties.
Can We Expect This Surge on Indian Crypto Exchanges In The Upcoming Future?
A sustained surge in the future depends on various factors. If regulatory uncertainties persist or if there are further actions against non-compliant foreign exchanges, it's plausible that users will continue to move their funds to platforms like CoinDCX, which emphasize compliance and security.
Additionally, if Indian exchanges continue to offer user-friendly interfaces, seamless experiences, and attractive features like zero fees on deposits, they may regain their lost territory.
However, the crypto market is inherently volatile, influenced by regulatory changes, market trends, and global factors. Future surges might also hinge on how regulatory policies evolve, whether the government provides clearer guidelines for crypto trading, and how users perceive the safety and convenience of Indian exchanges compared to offshore platforms.
Therefore, while the current trend suggests a positive outlook for Indian exchanges, the future surge will heavily rely on ongoing regulatory developments and how these platforms maintain their appeal to users in terms of security, ease of use, and compliance.
Also Read: Growing Role of Digital Assets and Crypto in Relief Efforts
