A password will be e-mailed to you.

We Don’t See a Viable Business in India: Binance CEO

Changpeng Zhao (CZ), the CEO of cryptocurrency exchange Binance, does not currently view India as a viable country to pursue his crypto exchange operations. He detailed at a Techcrunch Crypto conference Thursday: “To be honest, I don’t think India is a very crypto-friendly environment.”

Binance CEO doubtful at crypto platforms Coinbase and Grayscale

Binance CEO 

The CEO is specifically discouraged by the crypto tax regime that the government of India implemented earlier this year. In addition to taxing crypto income at 30%, crypto transactions are subject to a 1% tax deduction at the source (TDS).

In regard to India’s aggressive tax environment, the Binance CEO said: “If you are going to tax 1% on each transaction, there is not going to be that many transactions.”

He stressed, “A user could trade 50 times a day and they will lose like 70% of their money. There is not going to be any volume for an order book type of exchange. So we don’t see a viable business in India today.

We just have to wait. We are in conversation with a number of industry associations and influential people and trying to put some logic there,” CZ continued.

Crypto investors Withdrew $1.35B from Binance Following FTX Collapse

“We are trying to get this message across, but tax policies typically take a long time to change,” Zhao added with concern:

“Binance goes to countries where regulations are pro-crypto and pro-business. We don’t go to countries where we won’t have a sustainable business — or any business, regardless of whether or not we go.”

 

Comments

comments

No more articles
Send this to a friend