Binance the world’s largest cryptocurrency exchange has joined the digital asset exchange committee of IAMAI’s (Internet & Mobile Association of India) on 18th March’20 amid an uncertain future of cryptocurrency sector in India. Just a week ago the finance ministry had come up with a proposal for banning of all cryptocurrencies in the country.(See Here)

IAMAI is an trade body of digital businesses within the country. As described in its website the IAMAI ‘is not-for-profit industry body registered under the Societies Registration Act, 1860. Its mandate is to expand and enhance the online and mobile value added services sectors. It is dedicated to presenting a unified voice of the businesses it represents to the government, investors, consumers and other stakeholders’

Binance announced on Thursday that it has joined IAMAI to help develop the crypto and blockchain industry in India.

According to the news reports the Binance CEO Changpeng Zhao (CZ), said in a statement:-

“Binance is honoured and excited to join IAMAI and contribute our part in shaping the Indian blockchain industry for sustainable growth and development"

(Pic- Changpeng Zhao, CEO Binance)

While warmly welcoming Binance as its new member, the IAMAI vice-president Gaurav Chopra in a statement said:-

“.… we are excited to work with Binance and other industry players in developing a constructive policy framework for crypto assets in India, helping other exchanges operate in India compliantly ….”

Both hoped for the progressive adoption of blockchain in the country. Binance entry into Indian crypto business is not new & in fact they had previously acquired Wazirx, an Indian Crypto Exchange at an estimated 5-10 million USD.

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