Traders flock to Binance as new taxes drive Indian exchanges out of business: report

[ad_1]

A Bloomberg report on Wednesday claimed Binance app downloads in India jumped to 429,000 in August, the highest this year.

This comes just months after the country implemented strict taxation on local trade.

Binance India Wins

Binance is the only major exchange whose app downloads saw an increase in August compared to July, the month the 1% transaction tax in the form of TDS went into effect, according to a report by Bloomberg, citing data from Sensor Tower, which tracks mobiles. and Internet data to provide actionable insights to its customers.

Binance app downloads in India were three times higher than those of CoinDCX, which had downloads of 163,000 for the month compared to 2.2 million in January. WazirX downloads fell to 92,000 in August from around 596,000 in January.

FTX saw its number drop to 52,000 in August from 96,000 in July, but is still maintaining an upward trend from 40,000 in January. Coinbase app downloads fell to 16,000 in August from 31,000 in June.

Volume of access to tax changes

The provision of a 1% transaction tax and a 30% tax on crypto gains introduced in April, coupled with the complexity of tax reporting, drove traders away from Indian exchanges, reducing volume by approximately 90%.

But it looks like it’s not entirely a loss for the crypto market, given the large number of Indian traders flocking to Binance. The world’s largest trading platform by volume did not say whether it deducts 1% TDS on all trades, as required by the recent tax change.

While Indian exchanges cannot escape tax compliance requirements, their foreign counterparts – Binance and FTX, in particular, have not deducted the tax.

Ambiguity in tax compliance

A spokesperson for Binance said it was monitoring the situation and would make further announcements in due course, the outlet said, adding that FTX declined to comment while India’s finance ministry did not respond to questions. by e-mail in this regard.

Another factor that seems to have worked in Binance’s favor is low fees, attractive offers, and a popular P2P marketplace where it’s easier to move coins and cash around.

Indian traders are flocking to Binance following a rare public spat between Binance CEO Changpeng Zhao and WazirX CEO Nischal Shetty. It seems that the tax change and its move away from WazirX helped Binance stand out.

SPECIAL OFFER (Sponsored)

Binance Free $100 (Exclusive): Use this link to sign up and receive $100 free and 10% off Binance Futures fees for the first month (terms).

PrimeXBT Special Offer: Use this link to sign up and enter code POTATO50 to receive up to $7,000 on your deposits.

[ad_2]

Source link

Recent Articles

Terra Luna

Wolverine Coin

TABOO TOKEN

Crypto Heirloom

spot_img

Related Stories

Stay on op - Ge the daily news in your inbox

bitcoin
Bitcoin (BTC) $ 17,193.61
ethereum
Ethereum (ETH) $ 1,276.77
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 289.95
usd-coin
USD Coin (USDC) $ 1.00
binance-usd
Binance USD (BUSD) $ 1.00
xrp
XRP (XRP) $ 0.389818
dogecoin
Dogecoin (DOGE) $ 0.097587
cardano
Cardano (ADA) $ 0.314549
matic-network
Polygon (MATIC) $ 0.923797
polkadot
Polkadot (DOT) $ 5.36
staked-ether
Lido Staked Ether (STETH) $ 1,262.53
litecoin
Litecoin (LTC) $ 77.06
shiba-inu
Shiba Inu (SHIB) $ 0.000009
okb
OKB (OKB) $ 21.35
dai
Dai (DAI) $ 1.00
solana
Solana (SOL) $ 13.83
tron
TRON (TRX) $ 0.054922
uniswap
Uniswap (UNI) $ 6.16
avalanche-2
Avalanche (AVAX) $ 13.51
leo-token
LEO Token (LEO) $ 3.76
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 17,173.02
chainlink
Chainlink (LINK) $ 6.97
cosmos
Cosmos Hub (ATOM) $ 9.73
the-open-network
Toncoin (TON) $ 1.82
monero
Monero (XMR) $ 147.38
ethereum-classic
Ethereum Classic (ETC) $ 19.31
stellar
Stellar (XLM) $ 0.085324
bitcoin-cash
Bitcoin Cash (BCH) $ 111.45
quant-network
Quant (QNT) $ 124.96
crypto-com-chain
Cronos (CRO) $ 0.063955
algorand
Algorand (ALGO) $ 0.224747
filecoin
Filecoin (FIL) $ 4.44
apecoin
ApeCoin (APE) $ 3.96
near
NEAR Protocol (NEAR) $ 1.71
vechain
VeChain (VET) $ 0.019169
internet-computer
Internet Computer (ICP) $ 4.44
hedera-hashgraph
Hedera (HBAR) $ 0.048169
eos
EOS (EOS) $ 1.04
elrond-erd-2
MultiversX (Elrond) (EGLD) $ 46.42
trust-wallet-token
Trust Wallet (TWT) $ 2.63
flow
Flow (FLOW) $ 1.03
terra-luna
Terra Luna Classic (LUNC) $ 0.000173
frax
Frax (FRAX) $ 1.00
the-sandbox
The Sandbox (SAND) $ 0.586597
axie-infinity
Axie Infinity (AXS) $ 8.03
tezos
Tezos (XTZ) $ 0.998137
aave
Aave (AAVE) $ 62.56
theta-token
Theta Network (THETA) $ 0.868895
chain-2
Chain (XCN) $ 0.04033
huobi-token
Huobi (HT) $ 6.51
lido-dao
Lido DAO (LDO) $ 1.04
bitcoin-sv
Bitcoin SV (BSV) $ 43.58
chiliz
Chiliz (CHZ) $ 0.151838
paxos-standard
Pax Dollar (USDP) $ 1.00
true-usd
TrueUSD (TUSD) $ 1.00
decentraland
Decentraland (MANA) $ 0.398976
usdd
USDD (USDD) $ 0.979082
bittorrent
BitTorrent (BTT) $ 0.00000068727714
kucoin-shares
KuCoin (KCS) $ 6.60
pancakeswap-token
PancakeSwap (CAKE) $ 3.98
aptos
Aptos (APT) $ 4.84
fantom
Fantom (FTM) $ 0.241975
zcash
Zcash (ZEC) $ 45.86
gemini-dollar
Gemini Dollar (GUSD) $ 1.00
compound-usd-coin
cUSDC (CUSDC) $ 0.022694
klay-token
Klaytn (KLAY) $ 0.189901
iota
IOTA (MIOTA) $ 0.206888
tokenize-xchange
Tokenize Xchange (TKX) $ 7.13
whitebit
WhiteBIT Token (WBT) $ 4.75
ecash
eCash (XEC) $ 0.00003
maker
Maker (MKR) $ 613.69
gatechain-token
Gate (GT) $ 3.58
dash
Dash (DASH) $ 47.16
neo
NEO (NEO) $ 7.09
the-graph
The Graph (GRT) $ 0.067035
pax-gold
PAX Gold (PAXG) $ 1,796.07
havven
Synthetix Network (SNX) $ 1.95
arweave
Arweave (AR) $ 9.17
compound-ether
cETH (CETH) $ 25.62
osmosis
Osmosis (OSMO) $ 0.904353
gmx
GMX (GMX) $ 53.38
frax-share
Frax Share (FXS) $ 6.08
curve-dao-token
Curve DAO (CRV) $ 0.65872
mina-protocol
Mina Protocol (MINA) $ 0.560143
tether-gold
Tether Gold (XAUT) $ 1,736.56
cdai
cDAI (CDAI) $ 0.022138
thorchain
THORChain (RUNE) $ 1.41
radix
Radix (XRD) $ 0.041598
btse-token
BTSE Token (BTSE) $ 2.54
ethereum-pow-iou
EthereumPoW (ETHW) $ 3.65
rocket-pool
Rocket Pool (RPL) $ 20.05
zilliqa
Zilliqa (ZIL) $ 0.022275
nexo
NEXO (NEXO) $ 0.668395
blockstack
Stacks (STX) $ 0.270592
ethereum-name-service
Ethereum Name Service (ENS) $ 13.65
oec-token
OKC (OKT) $ 19.29
1inch
1inch (1INCH) $ 0.443987
basic-attention-token
Basic Attention (BAT) $ 0.225153
bitdao
BitDAO (BIT) $ 0.310039