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India Cracks Down on Binance-linked Crypto Exchange Crypto Exchanges for $85M Tax Evasion
The post India Cracks Down on Binance-linked Crypto Exchange Crypto Exchanges for $85M Tax Evasion appeared first on Coinpedia Fintech News
India’s GST department has found a massive ₹722.43 crore ($85M) tax evasion by Nest Services, a crypto exchange linked to Binance Group. In addition to this, 17 other crypto exchanges have been charged for evading GST, with a total amount of ₹824.14 crore. Big platforms like WazirX, CoinDCX, and CoinSwitch Kuber are also in the spotlight, with WazirX facing a ₹40.51 crore tax evasion case. This major crackdown highlights the increasing efforts of Indian authorities to ensure crypto exchanges follow tax rules and avoid tax evasion. The investigation is raising concerns about future regulatory changes in the industry.
India’s GST department has found a massive ₹722.43 crore ($85M) tax evasion by Nest Services, a crypto exchange linked to Binance Group. In addition to this, 17 other crypto exchanges have been charged for evading GST, with a total amount of ₹824.14 crore. Big platforms like WazirX, CoinDCX, and CoinSwitch Kuber are also in the spotlight, with WazirX facing a ₹40.51 crore tax evasion case. This major crackdown highlights the increasing efforts of Indian authorities to ensure crypto exchanges follow tax rules and avoid tax evasion. The investigation is raising concerns about future regulatory changes in the industry.
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