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Binance denied any equity ownership in the India-based crypto exchange after the latter came under regulatory scrutiny. Go to Source Powered by WPeMatico
A major Indian cryptocurrency exchange, Wazirx, has had its bank assets of more than $8 million frozen by the Directorate of Enforcement (ED). The exchange was supposedly acquired by Binance in 2019. However, Binance CEO Changpeng Zhao (CZ) now claims that the acquisition was “never completed.” Wazirx, however, maintains that it was acquired by Binance. … Read more
The Directorate of Enforcement of India alleged that WazirX “actively assisted around 16 accused fintech companies in laundering the proceeds of crime using the crypto route.” Go to Source Powered by WPeMatico
Cryptocurrency trading volumes across exchanges in India have plunged after the country’s 1% tax deducted at source (TDS) went into effect at the beginning of the month. Some major crypto exchanges saw volumes dropping by about 80%. Crypto Trading Volumes Fall Across India The trading volumes across crypto exchanges in India have fallen sharply after … Read more
Indian crypto traders may be giving up since they must now factor in a 30% income tax and a 1% tax per transaction on crypto trades, forcing exchange volume to plummet. Go to Source Powered by WPeMatico
A number of cryptocurrency exchanges in India are disabling rupee deposits, particularly payments using the Unified Payments Interface (UPI) system. This followed a statement issued by the National Payments Corporation of India (NPCI) regarding the usage of the UPI system by crypto exchanges. Indian Exchanges Stop Offering Major Payment Options Options to deposit Indian rupees … Read more
Cryptocurrency trading volumes in India have plunged further across exchanges as traders mull over the 30% crypto taxation. In addition, popular payment service provider Mobikwik has stopped service to exchanges. Crypto Trading Volume in India Plunges Further Cryptocurrency trading volume in India continues to slide after the government began taxing crypto income at 30% without … Read more
The Indian government has revealed that 11 cryptocurrency exchanges have been under investigation by the country’s tax authority. About 95.86 crore rupees ($12.6 million) have been recovered from them. 11 Crypto Exchanges Investigated for Tax Evasion The Indian government answered some questions regarding the taxation of cryptocurrency exchanges Monday in Lok Sabha, the lower house … Read more
The Indian government said that it does not treat cryptocurrencies as illegal, clarifying that its transactions remain in a grey area. Go to Source Powered by WPeMatico
“The question for every nation is, do they want to participate and get a share of this pie,” says WazirX CEO Nischal Shetty. Go to Source Powered by WPeMatico
