Huobi, currently the world’s third largest crypto exchange by daily trading volumes, is set to support Indian rupee (INR) transactions on its proprietary peer-to-peer trading platform, according to an email cited by Crypto News India July 26.
Huobi, whose over-the-counter (OTC) service will reportedly offer Indian users zero-fee trading on Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) using rupees, noted in the email that:
“We do think it’s time that we provide a solution of buying/selling digital assets with INR for all Indian users...every registered Indian user of Huobi can log in to https://otc.huobi.com to trade digital assets with INR.”
The email reportedly goes on to advise customers that they can transfer to Huobi Global if they want to trade more cryptocurrencies with “high liquidity.”
The OTC option for Indian traders has yet to be confirmed in an official announcement beyond Crypto News’ cited correspondence, although the platform did reach out to a spokesperson who has allegedly confirmed that INR trading will be supported.
Huobi has not responded to Cointelegraph’s request for confirmation by press time.
News of Huobi OTC’s reported support for rupee transactions is especially significant for the Indian crypto space in light of the Reserve Bank of India’s (RBI) controversial ban on banks' dealings with crypto-related businesses and persons, which came into force July 5.
On July 4, one day prior to the deadline for the ban’s implementation, local crypto exchange WazirX revealed it would itself be transforming into a peer-to-peer platform so as to avoid in-house crypto-fiat conversion.
The central bank’s crypto dealings ban — first announced in April 2018 — has prompted both public and industry-led petitions, with some appealing to the courts on the grounds that the decision is unconstitutional.
Ongoing hearings on the ban at the Supreme Court have seen the judiciary refuse to grant interim relief to those that purport to be affected. Ten days ago, the court deferred the final hearing on the ban — originally scheduled for July 20 — until September 2018.
Alongside this most recent bid to reach out to an Indian user base, Singapore-headquartered Huobi has been rapidly expanding overseas throughout 2018. Trading has recently opened on its new “strategic partner” platform in the U.S., having launched a South Korean subsidiary this spring as well as unveiling a London-based operation, with OTC trading tests for the U.K. market expected to begin in the third quarter of this year.
Huobi has seen $968.7 million in trades over the 24-hour period to press time, according to CoinMarketCap.