On November 21, major cryptocurrency exchange Binance announced the acquisition of the leading Indian crypto exchange, WazirX, to offer a fiat gateway in Indian rupees (INR) as part of their general expansion strategy.
According to the announcement, Binance users will be able to buy and sell cryptocurrencies with Indian fiat currency starting November 25. The full integration with all Binance markets through the USDT/INR trading pair is expected in the first quarter of 2020.
Binance’s CFO Wei Zhou highlighted that fiat-to-crypto gateways “remain a key mission” for the exchange. WazirX COO Siddharth Menon agreed that fiat gateways “play a critical role” in promoting mass adoption of cryptocurrencies in the world.
Binance’s CEO Changpeng Zhao shared in a press release that this acquisition is “another step forward in achieving the freedom of money.” In mid-November, Changpeng Zhao
announced he is planning to integrate all 180 fiat currencies into Binance’s platform.
In October, Binance exchange already started supporting several fiat currencies, including the Nigerian naira and the Russian ruble. On November 15, Binance added a fiat channel for the Turkish fiat currency (TRY) to buy Bitcoin (BTC), Ether (ETH), and Ripple (XRP).
This September, Indian billionaire and Member of Parliament Rajeev Chandrasekhar stated that he believes India will eventually join the ranks of innovative blockchain-friendly jurisdictions. Yet the regulation seen in India remains uncertain, which could have played a role in closing this deal.