Binance acquires Mumbai’s bitcoin exchange WazirX

Through this acquisition, Binance is expected to foray into the fledgling Indian market, which is counted among the top exchanges globally.

BENGALURU: Binance, a global cryptocurrency exchange, has acquired Mumbai-based bitcoin exchange WazirX, in a significant move in the cryptocurrency ecosystem in India.

The transaction was estimated at $5-10 million, according to sources.

Over the last couple of years, exchanges have been shutting down due to lack of a clear regulation, and this acquisition is the first major one in the space. Through this acquisition Binance is expected to foray into the fledgling Indian marke ..

“India will be one of our first forays into stimulating financial growth and access in developing nations beyond the country,” Zhao told ET. “We will be continuing to work towards furthering crypto adoption, lowering the barrier to entry. One of the main goals is to add more fiat currencies to Binance and work with local partners to add as many fiat-to-crypto pairs as possible.”

WazirX users will now be able to buy and sell crypto using the Indian currency on the Binance Fiat Gateway. N ..