India’s largest crypto exchange, WazirX has announced the listing of Binance Coin (BNB), on the platform, as part of its Rapid Listing Initiative. While the announcement has been a long-awaited one, the development is plausible nonetheless, as the exchange has managed to survive the hostile environment for the crypto industry in the country.
⚡️ BNB on WazirX ⚡️
BNB is now listed on WazirX as a part of our Rapid Listing Initiative. ?
You can buy, sell, trade #BNB in our USDT & BTC markets. Spread the word, tribe. ?
Read more ?https://t.co/k0RnH2YcnR
— WazirX (@WazirXIndia) November 26, 2019
India has been quite averse to cryptocurrencies, and the Reserve Bank of India, in particular, has framed harsh policies for the industry. This hostility has caused several crypto companies in the country to suspend their operations, either temporarily or permanently, more so, after the RBI directed commercial banks to refrain from serving crypto-related businesses.
WazirX, a company formulated only in January 2018, has managed to survive these tough times, and this alone is highly commendable. Starting from a humble exchange, trading three coins, Bitcoin, Litecoin, and Dash, WazirX cryptocurrency exchange is now a giant in the Indian market, offering about 80 cryptocurrencies, apart from its WRX Coin, which was also the first exchange backed token in the country.
Recently, WazirX CEO Nischal Shetty urged Prime Minister Narendra Modi and Finance Minister Nirmala Sitharaman to bring their attention to the Crypto-blockchain development in the country. He stated that China is taking giant strides in the segment, and India could lose a competitive edge if we don’t start focusing on the industry with renewed efforts.
Reflecting on the successful and resilient journey of the exchanges, Shetty wrote in a Medium Post,
“I remember how shortly after our launch, the Reserve Bank of India put a blanket ban on crypto in India. True to our promise of involving everyone into the blockchain revolution, we innovated hard and launched WazirX P2P with the world’s first auto-matching P2P engine. What a game changer it’s been! Today, due to its unique nature, WazirX P2P is the cheapest, fastest and most-used method to deposit or withdraw Indian Rupees in India.”