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This in not the first time Zhao has issued a warning on the Indian crypto market. Earlier this month, the Binance boss had said India’s onerous taxes on cryptocurrency transactions would probably “kill the industry” in the nation. “India has high tax which is probably going to kill the industry,” Zhao had said at a conference in Singapore.
The step follows any gains on transfer of crypto assets being taxed at 30 percent since April, the rate being a higher than in many other jurisdictions including the US and the UK.
Zhao’s comments come at a time when the crypto world has been roiled by the spectacular collapse of Binance’s rival FTX. India’s crypto industry in particular has been perpetually in a state of flux because of regulatory uncertainty and taxation zeal of authorities.
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The collapse of Sam Bankman-Fried's FTX has sent ripples through the crypto markets. Investors worried about the impact on ...
Former CEO Sam Bankman-Fried was hailed as a savior of crypto before FTX's implosion. Cryptocurrency exchange FTX was ...
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