With the Financial Intelligence Unit (FIU) issuing show-cause notices to Binance and eight other offshore exchanges last week, Apple has delisted the app from its App Store & Indian telecom operators have blocked Binance and other exchanges website urls. Due to this development, Indian crypto investors are expressing concerns about the safety of their crypto funds and assets. While the future of these exchanges remain uncertain, one potential course of action to safeguard your funds is to transfer your funds to FIU-compliant Indian exchanges.
We have considered Mudrex here as it is 100% FIU-IND compliant and one of the most user-friendly crypto platforms around
.
Step 1. Download Mudrex & Go to the Cryptocurrency Coin page
To do this, click on Coins in the bottom bar and then search for the coin that you wish to transfer.
In this case, we’ve chosen Bitcoin. Click on More at the bottom, then click on Deposit BTC.
On this screen, choose BNB Smart Chain (BEP-20) as your blockchain network and copy your public wallet address.
Mudrex does not charge any transaction fees.
Step 2. Initiate withdrawal from Binance
Go to your wallet on the Binance app and click on Withdraw.
Choose Bitcoin from the list of cryptocurrencies, and when the popup appears, click on Send via Crypto Network.
On the next screen, paste the Mudrex wallet address that you copied in Step 1, choose the same network that you chose in Step 1, and enter the crypto withdrawal amount. Click on Withdraw.
Step 3. Confirm the deposit
Return to your wallet on the Mudrex app. Under Activity, you’ll see the withdrawal transaction that you initiated in
Step 2. Click on Details needed to proceed.
On the next screen, verify that all the transaction details are correct, including the wallet address, network, and exchange. After you’ve verified these details, scroll down to the bottom and click on Verify deposit.
Transactions on the blockchain take a few minutes to complete. Once your transaction is complete, you’ll see a message verifying it.
And that’s it. All your crypto is now safely stored in your Mudrex wallet.
The process is the same for all other Indian exchanges; use the same steps to transfer your crypto funds from Binance to Indian exchanges.
Please remember to invest through crypto exchanges that adhere to Financial Intelligence Unit (FIU) compliances. Some noteworthy FIU-compliant crypto exchanges are Mudrex , Zebpay, Unocoin, CoinSwitch, and WazirX.
