Binance Faces Loss of Indian Traders to WazirX and CoinDCX Following Crackdown on (BNB)

When Binance Holdings Ltd. acrimoniously split with its Indian affiliate WazirX in 2022, the world’s largest cryptocurrency exchange looked near invincible in the local market while WazirX was flailing. A government crackdown on offshore platforms has abruptly reversed the competitive dynamics.

Since Indian authorities in late December began restricting access to Binance and other foreign crypto exchanges operating there without local registrations, traders have flocked to domestic rivals like WazirX. Many of them are moving deposits across from Binance, according to the local venues.