Cryptocurrency Q&A
How do crypto exchanges work in India?
How do crypto exchanges work in India?
SoulStorm
Wed Jul 03 2024
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5 answers
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Inquiring minds often want to know the workings of cryptocurrency exchanges in India. Could you elaborate on the regulatory framework surrounding these platforms? Are there any specific licenses or permissions required for crypto exchanges to operate legally? What services do these exchanges typically offer to their customers? How do they ensure the security and integrity of transactions? Are there any restrictions on the types of cryptocurrencies that can be traded on these platforms? Furthermore, how do the exchanges comply with anti-money laundering and know-your-customer regulations? Lastly, what are some of the challenges crypto exchanges in India face, and how are they addressing them?
5 answers
Ilaria
Fri Jul 05 2024
Indian crypto exchanges, being centralized platforms, require users to undergo Know Your Customer (KYC) procedures as a mandatory step for trading.
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ZenBalance
Fri Jul 05 2024
Cryptocurrency exchanges in India primarily facilitate INR deposits through various methods such as IMPS, NEFT, and RTGS.
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SeoulSerenitySeekerPeaceLover
Fri Jul 05 2024
These exchanges, in general, do not impose any fees on crypto deposits made by their users.
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AltcoinExplorer
Fri Jul 05 2024
However, when it comes to crypto withdrawals, the fees levied by these exchanges can vary significantly.
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DaeguDivaDanceQueenElegance
Thu Jul 04 2024
KYC ensures the security of the exchange and its users by verifying their identities and reducing the risk of fraudulent activities.
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