Today we will see WazirX and Binance Relationship and their future aspects.
Binance exchange is the world’s largest cryptocurrency exchange. They support 45+ fiat currencies to trade more than 374 cryptocurrencies. Initially, Binance was launched in 2017. Investors from all over the world can trade and invest in various projects like IEO, Launchpool, and stacking on this.
They offer multiple trading features and earning opportunities.
WazirX is Indian based best cryptocurrency exchange. They support INR fiat currency along with 150+ cryptocurrencies for trading and stacking. Due to the fiat support of INR, people from other countries can’t deposit their local currencies to the Binance.
But they can make accounts and start trading by depositing USDT and other cryptocurrencies.
WazirX And Binance Relationship
India is very uncertain about cryptocurrency regulation. Sometimes Indian banks allow crypto or virtual asset deposit facility to the exchanges and sometimes they keep it on hold.
In 2020 Indian supreme court open all ways to do crypto transactions for all banks. But there is no law to date. And this is the reason banks prevent any type of cryptocurrency-related payment.
After clarification from RBI, crypto exchanges start a payment system with Indian banks.
Late in 2018, Binance acquired WazirX exchange to facilitate Indian users to deposit INR to WazirX, and they can transfer this to the Binance exchange. Actually, in 2018 WazirX was supporting the P2P payment method.
And as the Supreme court remove the crypto ban, they added UPI and Bank Wire payment systems.
So, we can say Binance is the parent company of WazirX. Both are separate exchanges and working globally. But If Indian users want to deposit funds to Binance, they have to do this with the WazirX deposit feature.
Binance To WazirX Fee
Transaction of Binance Coin BNB from Binance to WazirX is free. But you have to transfer at least o.5BNB.
Other coins like Bitcoin, Ethereum, Tron, and the rest of the coins have their normal transaction fee. Ethereum is one of the highest fee-consuming tokens. TRON has a fixed transaction fee. If you want to transfer TRON to another exchange or wallet then a 5 TRON fee charge will be applicable.