A large number of Indians, especially young salaried professionals have plenty of money to trade in crypto, taking advantage of the rapid price fluctuations. It appears that these Indian traders decided to reduce their risk, after the government's Financial Intelligence Unit (FIU) sent a notice to the foreign exchanges like Binance, Kraken, Kucoin and are transferring their crypto holding to Indian exchanges.
According to media reports some the indian crypto exchanges which have reported a significant increase in trading volumes are:
Coinswitch
CoinDCX
WazirX
Buyucoin
Most of the Indian exchanges are registered with the FIU. Most of the Indian users are transferring their cryptocurrencies from Binance to Indian exchanges though some are transferring from other exchanges. Binance is highly trusted by Indian users, and some users said that they will use software or hardware wallets instead of using Indian crypto exchanges which these users do not trust.
Other Indian crypto holders who receive a small amount of crypto as payment from Publish0x and other websites for products or services sold,royalties, will probably just sell all their crypto if the urls of Binance and other exchanges are blocked in India.
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