Binance India: What Happened and Where to Trade Crypto Now

When Binance India, the local arm of the world’s largest crypto exchange, operated in India before being forced to close in 2023. Also known as Binance P2P India, it was once the go-to platform for millions of Indian traders looking to buy Bitcoin and altcoins with INR. The shutdown wasn’t random — it came after the Reserve Bank of India tightened rules on crypto-fiat gateways and pressured banks to cut ties with exchanges that didn’t comply with new AML standards. Binance India didn’t get a license under India’s 2023 Virtual Digital Asset Taxation Act, and instead of fighting it, they pulled out completely — leaving users scrambling for alternatives.

That’s when P2P crypto, peer-to-peer trading platforms that let users buy and sell directly without a central intermediary. Also known as crypto OTC markets, it became the new backbone of India’s crypto scene. Platforms like WazirX, CoinDCX, and even Binance’s own global P2P marketplace started filling the void. Traders now use UPI, bank transfers, and even cash deposits to swap INR for USDT or BTC. It’s not perfect — there are scams, delayed payments, and higher spreads — but it works. And unlike the old exchange model, P2P doesn’t need a license to operate. It’s decentralized by design.

Meanwhile, Indian crypto regulations, the evolving legal framework that now taxes crypto at 30% and requires strict KYC. Also known as India’s Digital Asset Tax Rules, they’ve pushed most users toward compliance. You can’t legally trade on unregistered platforms anymore, and banks now flag transactions linked to unlicensed exchanges. But here’s the twist: the rules didn’t kill crypto — they just moved it underground and into safer hands. People still trade. They just do it with more caution, using wallets they control and platforms that show their compliance status.

What you’ll find in the posts below are real stories from Indian traders who lived through the Binance India shutdown. You’ll see how they switched to P2P, what red flags to watch for, and which platforms actually deliver on speed and security. There’s also deep dives into how tax reporting works now, why some apps disappeared overnight, and what the future might hold if India ever opens up to licensed exchanges again. No fluff. No hype. Just what happened, what’s working now, and how to stay safe while trading crypto in India.