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According to reports, Huobi recently announced to Indian users in an email that it will provide peer-to-peer trading services in India. The notice states that they will be authorized to offer zero-commission trading on Bitcoin, Ethereum, and USDT. Users will be able to buy and sell these cryptocurrencies using Indian rupees.
Huobi has not officially confirmed the launch of the P2P platform for the Indian market on social media.
Huobi’s announcement of the decision comes at a time when India’s cryptocurrency policy is tightening. In order to prevent issues such as market integrity and money laundering, in April this year, the Central Bank of India announced that financial institutions in the country are prohibited from providing cryptocurrency-related services. Indias Supreme Court upheld the measure in a July 3 hearing. A final hearing is scheduled for Sept. 11.
Some experts expect the rollout of P2P to be a stopgap measure in India because P2P has created a market that is not regulated by the government and where illicit activities such as money laundering can still occur. The Indian government is rolling out corresponding regulations as soon as possible.
To the best of our knowledge, Huobi is the first international exchange to launch P2P transactions in India. Indias local Wazirx also recently announced the launch of the so-called most legal P2P service, which will act as an escrow account, and another Indian local exchange, Koinex, has also launched a similar service.
