Recently, Flitpay , one of the Popular Indian Crypto Exchange, saw remarkable growth in crypto deposits and new user registrations.This surge resulted from an FIU warning issued to nine foreign exchanges for not complying with the Indian anti-money laundering laws.It caused thousands of Indian crypto investors to transfer their funds to FIU-registered Indian exchanges like Flitpay.
To seize this opportunity and help investors easily transfer their funds, Flitpay strategically launched a 1% assured bonus on crypto deposits.During this limited-time offer, investors depositing crypto funds from January 11 to January 25, 2024, can claim a 1% guaranteed bonus by avoiding withdrawals until February 25, 2024.
Flitpay also went the extra mile by offering them a refund for the network fees deducted during the crypto transfer.
This set of actions substantially benefited Flitpay as it saw a 1200% increase in its crypto deposits and onboarded 14000 new users within days.
As per the reports, FIU sent show cause notices to nine offshore crypto exchanges like Binance, Kucoin, Huobi, Bitstamp, Bittrex, Gate.io, Kraken, Bitfinex and MEXC Global on December 28, 2023, for not following PMLA (Prevention of Money Laundering Act) guidelines.FIU claims that these entities lack the proper registration required by virtual digital service providers (VDSPs) to adhere to anti-money laundering (AML) and counter-terrorism financing (CTF) laws.It also asked the IT ministry to block their URLs to prevent them from offering crypto trading services to Indian users.The chain of events led Indian investors to shift their funds from foreign exchanges to Indian ones.
Last year, Flitpay and other Indian Crypto Exchanges faced a significant drop in trading volumes and active users after the government introduced a 1% TDS and a 30% tax on crypto trades.
In response, many Indian investors shifted to foreign exchanges to avoid these domestic tax obligations.However, the recent FIU actions have reversed this impact to some extent.
Remarking on it, Flitpay Founder and CEO Akash Bansal said, “The increasing number of Indian crypto investors choosing foreign exchanges to bypass TDS is concerning due to the risks involved.Investors need to understand that PMLA guidelines are crucial to prevent money laundering and illegal activities on an exchange.Thus, it is crucial to look at the bigger picture and choose only FIU-approved exchanges to secure their investments in the long run.”
Offering further insights, Ashish Sangai, Flitpay co-founder, added, “We have recently redesigned the Flitpay application to ensure a streamlined and regulatory-compliant crypto deposit process for users.To make the fund transfer more favourable and cost-effective for investors, we unveiled the 1% guaranteed bonus and fee refund offer on crypto deposits.”
As one of the best crypto exchanges in India since 2017, Flitpay aims to catalyze the widespread adoption of cryptocurrencies in India with its robust, user-friendly and secure platform.Over the past few years, it has positioned itself as a trusted leader in the dynamic crypto space by providing seamless crypto/INR deposits and withdrawals, complemented by innovative features such as Quick Buy/Sell, Earn, and Crypto gift cards.
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ADVERTISEMENT (Published 18 January 2024, 10:31 IST) Follow us on.
