Indian Crypto Traders Face Banking Hurdles on Binance P2P
Crypto traders and peer-to-peer (P2P) users in India are struggling as banks freeze accounts and restrict transactions related to Binance P2P. This has created financial uncertainty, loss of funds, and rising concerns among traders and businesses relying on cryptocurrency.
Several P2P sellers in India have reported that their bank accounts are getting frozen as soon as they receive payments from buyers or transfer money to sellers. This issue is disrupting trading activities and causing stress for users who depend on Binance as their primary trading platform.
Although cryptocurrency trading is not illegal in India, banks continue to treat crypto transactions as suspicious. The government has imposed a 30% tax on profits and a 1% TDS on every sell order, leading many Indian traders to prefer foreign exchanges.
Since Binance does not have a direct partnership with Indian banks, traders are vulnerable to sudden account restrictions and financial instability. Without clear regulations or official banking support, many investors are uncertain about continuing their crypto trading activities. This lack of clarity is pushing some traders toward unregulated alternatives, increasing the risk of fraud and scams.
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