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Binance faces an $86 million tax demand from Indian authorities under the Goods and Services Tax (GST) framework. This comes as the crypto exchange seeks to reestablish its presence in the country, which has been marked by a challenging regulatory journey.
The return of Binance to India comes after Indian anti-money laundering (AML) agencies gave Binance the green light to resume operations.
On August 15, 2024, coinciding with India’s 78th Independence Day, Binance announced its reentry into the Indian market. The company sees this as a fresh start for cryptocurrency adoption in India, a rapidly growing digital economy. Yet, this fresh start is complicated by past issues.
The origins of this tax dispute can be traced back to December 2023, when India’s Financial Intelligence Unit (FIU) issued notices to several offshore crypto exchanges, including Binance, KuCoin, Bittrex, Gate.io and OKX, for operating illegally in the country.
Get more of this Binance story here. (https://cryptonews.com/news/indian-authorities-demand-86-million-tax-from-binance.htm)
The Indian government through its regulatory agencies is really maximizing all the possible means to tax Binance and since Binance is really interested to get back to the country's crypto market then it must start to negotiate the amount the government might be demanding for it to pay. Let's just say that this can be the cost of doing business with a big market such as India. Let's not hope that this will not be affecting its operation and the fees Binance would be imposing its users...because too much can lead to stagnation which can be a lose-lose to all parties involved. what is opinion with this development.
Do you think this is already excessive on the part of the Indian government or you feel this is just fair and right since Binance violate the law and is so rich, anyway?
(https://cimg.co/wp-content/uploads/2024/08/20180110/1724176870-1724175536813_processed.jpg)
Binance faces an $86 million tax demand from Indian authorities under the Goods and Services Tax (GST) framework. This comes as the crypto exchange seeks to reestablish its presence in the country, which has been marked by a challenging regulatory journey.
The return of Binance to India comes after Indian anti-money laundering (AML) agencies gave Binance the green light to resume operations.
On August 15, 2024, coinciding with India’s 78th Independence Day, Binance announced its reentry into the Indian market. The company sees this as a fresh start for cryptocurrency adoption in India, a rapidly growing digital economy. Yet, this fresh start is complicated by past issues.
The origins of this tax dispute can be traced back to December 2023, when India’s Financial Intelligence Unit (FIU) issued notices to several offshore crypto exchanges, including Binance, KuCoin, Bittrex, Gate.io and OKX, for operating illegally in the country.
Get more of this Binance story here. (https://cryptonews.com/news/indian-authorities-demand-86-million-tax-from-binance.htm)
The Indian government through its regulatory agencies is really maximizing all the possible means to tax Binance and since Binance is really interested to get back to the country's crypto market then it must start to negotiate the amount the government might be demanding for it to pay. Let's just say that this can be the cost of doing business with a big market such as India. Let's not hope that this will not be affecting its operation and the fees Binance would be imposing its users...because too much can lead to stagnation which can be a lose-lose to all parties involved. what is opinion with this development.
Do you think this is already excessive on the part of the Indian government or you feel this is just fair and right since Binance violate the law and is so rich, anyway?
India is one of the countries I know that Binance exchange is going to have a difficult time with in other for them to cope staying because they don't play with paying tax over there, not to even talk about when cryptocurrency is what is on consideration for tax payment, they can't spare any on that, if they can't allow their own citizens also to have all it takes in paying task for everything they do regarding crypto, then they may have to see it also an an opportunity for them to make more revenue generation through task on exchange like Binance.
(https://cimg.co/wp-content/uploads/2024/08/20180110/1724176870-1724175536813_processed.jpg)
Binance faces an $86 million tax demand from Indian authorities under the Goods and Services Tax (GST) framework. This comes as the crypto exchange seeks to reestablish its presence in the country, which has been marked by a challenging regulatory journey.
The return of Binance to India comes after Indian anti-money laundering (AML) agencies gave Binance the green light to resume operations.
On August 15, 2024, coinciding with India’s 78th Independence Day, Binance announced its reentry into the Indian market. The company sees this as a fresh start for cryptocurrency adoption in India, a rapidly growing digital economy. Yet, this fresh start is complicated by past issues.
The origins of this tax dispute can be traced back to December 2023, when India’s Financial Intelligence Unit (FIU) issued notices to several offshore crypto exchanges, including Binance, KuCoin, Bittrex, Gate.io and OKX, for operating illegally in the country.
Get more of this Binance story here. (https://cryptonews.com/news/indian-authorities-demand-86-million-tax-from-binance.htm)
The Indian government through its regulatory agencies is really maximizing all the possible means to tax Binance and since Binance is really interested to get back to the country's crypto market then it must start to negotiate the amount the government might be demanding for it to pay. Let's just say that this can be the cost of doing business with a big market such as India. Let's not hope that this will not be affecting its operation and the fees Binance would be imposing its users...because too much can lead to stagnation which can be a lose-lose to all parties involved. what is opinion with this development.
Do you think this is already excessive on the part of the Indian government or you feel this is just fair and right since Binance violate the law and is so rich, anyway?
The post highlights Binance's return to the Indian market, marked by an $86 million tax demand from Indian authorities. This development reflects the Indian government's strong regulatory stance on crypto activities, emphasizing compliance, especially with past issues related to anti-money laundering. Binance's reentry into India is significant as it aligns with the country’s growing digital economy, but the heavy tax demand raises questions about its long-term impact on operations and user fees.
In short, while the tax might seem hefty, it’s a reminder of the cost of doing business in a market like India. It’s amusing how this reentry coincides with India’s Independence Day—talk about a “freedom” tax! How do you think this will play out for Binance and its users in India? 😄