Binance’s return to India comes with $86M tax demand
While Indian AML agencies have given Binance the green light to resume operations, authorities are still seeking $86 million in tax liabilities from the firm.
Binance recently announced its return to India on the occasion of the country’s 78th independence day — marking a fresh start to crypto adoption in one of the world’s fastest-growing digital economies.
However, the exchange still faces an $86 million tax demand from Indian authorities under the Goods and Services Tax.
Binance’s return to India is the culmination of a complex regulatory process. In December 2023, the Indian Ministry of Finance’s Financial Intelligence Unit (FIU) issued notices to several offshore crypto exchanges, including Binance, KuCoin, Bittrex, Gate.io and OKX, among others, for operating illegally in India.
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Author: Shiraz Jagati
