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blakicious

Huobi is launching P2P Platform to be launched by Huobi for Indians

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Local media reported that Huobi announced to its Indian users, their plans to offer peer-to-peer trading services in the country. As indicated in the notice, users will need not pay any sort of transaction fee for trades in Ethereum, Bitcoin core, and tether. According to a copy of the correspondence published by Crypto News, India, users will be able to buy and sell these cryptocurrencies in Indian rupees (INR).  

 

The exchange said that:

Quote

We do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users: Huobi OTC – a proprietary peer-to-peer (P2P) platform that allow users and merchants to trade digital assets with your local currencies. Every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR.

 

For customers to be able to trade more cryptocurrencies with high liquidity, they’ve been advised to make a switch to Huobi Global.

This announcement was made after a questionnaire was distributed by Huobi among its Indian users. Also, another email was sent with the exchange inviting them to become "Global Merchants". The message says:

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After becoming a global merchant of Huobi OTC, you will be entitled to: post-fiat-to-token advertisements to gain more earnings during “Buy & Sell” processes; enjoy zero transaction fee and obtain 24/7 customer support.

 

Huobi is yet to officially announce the launch of the Indian P2P platform, which is expected to be released on its social media channels.

 

 

After the ban, P2P trading expands

This announcement by Huobi is coming at a time when the Indian crypto community is facing some difficult times. Some few months back, following the imposed ban by the Reserve bank of India (the country’s central bank), individuals as well as companies working with cryptocurrencies had to deal with a bank crackdown.

In April, regulated financial institutions were ordered by the RBI to stop offering services to citizens and entities involved in cryptocurrencies. This restriction has led to the suspension of fiat transactions by crypto exchanges in India, thereby offering crypto-to-crypto trading options. Earlier this week, news.Bitcoin.com reported that by September, comprehensive regulatory guidelines are expected. Already, a draft has been prepared and consultations have begun to complete the framework.

If the promise made by Huobi to its Indian users is fulfilled, its P2P platform launch will become the latest that has happened in a bid to expand its global reach. The Singapore-based exchange also has plans to include Australia, Asia, Europe and America. In June, the 3rd largest crypto trading platform made known its plans to establish an office in London; also, early in July, Huobi launched a platform in Australia having 10 pairs against the AUD. It is also looking for opportunities in Sao Paulo, San Francisco and Toronto.

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