Binance Has No Major Plans for the Unviable Indian Crypto Market, Says CZ PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Binance Has No Major Plans for the Unviable Indian Crypto Market, Says CZ

Binance’s Proof-Of-Reserve Promise Gained Traction Following FTX Crisis
  • As per CZ, India is not a suitable country for global players, due to its un-friendly approach towards crypto.
  • Zhao stated that Binance will only expand its services to crypto-friendly nations.

According to Changpeng Zhao, the CEO of Binance, India is not much of a crypto-friendly nation. During a recent crypto conference, the head of the world’s leading exchange platform attributed that the current Indian market is unviable to expanding Binance’s operations.

Changpeng Zhao stated: 

To be honest, I don’t think India is a very crypto-friendly environment.

Zhao also mentioned that the country is not suitable for global players, citing the high crypto-taxing structure implemented by Indian authorities. 

CZ Criticizes India’s Stance on Crypto

Binance CEO slammed the Indian government, claiming that levying high taxes on each crypto transaction resulted in decreased tax accumulation overall.

CZ added: 

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.

Zhao furtherly stated that Binance will only expand to the nations with pro-crypto and pro-business regulation strategies. The exchange platform will not make a move to countries with an unfriendly nature to cryptocurrencies. It is unable to operate within such countries and will not create a successful business, as per CZ.

This is not the first time CZ is criticizing the Indian cryptocurrency industry. Earlier, he claimed that India’s high taxes on crypto transactions will “destroy the sector” in the country.

In April, the Indian government levied a 30% tax on crypto transactions, besides the 1% TDS.

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