SHIB Joins the Crypto Revolution in India with Flitpay

Flitpay expands its crypto offerings with SHIB integration

Shiba Inu (SHIB) has joined the list of cryptocurrencies accepted by the Indian exchange Flitpay. The cryptocurrency exchange Flitpay has announced the addition of Shiba Inu (SHIB) to its trading platform. Flitpay was founded in 2017 by a group of computer enthusiasts from several Indian engineering colleges and has swiftly gained fame in the cryptocurrency exchange business.

Flitpay is a homegrown cryptocurrency exchange that was founded in 2017 by a group of tech enthusiasts from various Indian engineering colleges. The exchange has a vision of making cryptocurrencies accessible to the common people of India and has expanded its operations to over 133 countries.

Flitpay offers a user-friendly and secure platform for buying, selling, and storing various cryptocurrencies, such as Bitcoin, Ethereum, Dogecoin, and now SHIB. Flitpay also provides educational resources and guidance for its users to help them understand the benefits and risks of engaging with cryptocurrencies.

By adding SHIB to its platform, Flitpay aims to offer its users access to a wider range of digital assets and to tap into the growing popularity and demand for SHIB in India and abroad. SHIB is a decentralized token that was created in August 2020 as a "fun and friendly" alternative to Dogecoin. SHIB has gained a loyal fan base and a market capitalization of over US$2 billion as of January 2024.

However, Flitpay's move to integrate SHIB comes at a time when the Indian cryptocurrency market is facing a challenging regulatory environment. The Indian Financial Intelligence Unit (FIU) has recently issued compliance show-cause notices to several prominent offshore cryptocurrency platforms, such as Binance, Kraken, KuCoin, and Huobi, for allegedly operating illegally in the country.

Flitpay, India's emerging star, began with the goal of making Bitcoin accessible to the average Indian. Over the last five years, the exchange has performed transactions totalling US$42,786,811 every day and expanded its operations to over 133 countries. Crypto Revolution in India Flitpay employs 30 people and has a 4.4-star rating and more than 1 million downloads. The site is dedicated to educating its customers on cryptocurrencies' benefits and aspires to be a reliable, scalable, and user-friendly exchange.

This devotion is demonstrated by the recent addition of SHIB to their platform, which follows the successful introduction of BONE, another token from the SHIB ecosystem, last year.

India's New Cryptocurrency Crackdown While Flitpay is increasing its operations, the whole Indian cryptocurrency business confronts a difficult regulatory climate. The Indian Financial Intelligence Unit (FIU) has sent compliance show-cause warnings on several popular offshore cryptocurrency platforms, including Binance, Kraken, KuCoin, and Huobi, for operating unlawfully in the nation.

This action is part of the Indian government's larger push to put bitcoin exchanges under Anti-Money Laundering (AML). As a result, the URLs for nine cryptocurrency exchanges have been banned, impacting a large number of Indian individuals who utilize these services.

For Indian bitcoin dealers, the present scenario highlights the need to utilize FIU-compliant platforms such as Flitpay.