Binance stops cash payment for P2P trades

Crypto traders in India can no longer cut ‘cash deals’ on Binance, the world’s largest cryptocurrency exchange.

Until recently, local punters could use the ‘escrow service’ offered by the offshore exchange to post a buy or sell order on the exchange platform and close a transaction by making payment in rupees here. Besides standard payment options like online fund transfers or UPI, traders had the flexibility to settle a trade through physical delivery of cash as well as depositing cash in a bank account.