Friday, 24 March, 2023

Traders flee Indian exchanges for Binance to avoid taxes

<p>Changpeng Zhao, CEO of Binance, is increasing his control over the Indian crypto trading sector as a result of a significant tax shift. The operator of the biggest crypto exchange in the world stands out in a market where competitors are struggling with high taxes and the difficulties of getting money into and out of trading venues. Since a 1% tax on crypto transactions went into force in July, daily volumes at important India-based platforms have decreased by more than 90%.</p>