Binance and WazirX Face Tax Evasion Allegations in India
Indian government uncovers huge unpaid goods and services tax (consumption tax) Liabilities from cryptocurrency exchanges including Binance and WazirX.
Authorities estimate the companies owe a total of $97 million in back taxes.
Indian cryptocurrency exchange faces major tax evasion charges
according to a statement On the instructions of India’s finance minister, the government has recovered $14 million in taxes, penalties and interest from some related entities. The disclosure came in response to a December 2 parliamentary inquiry.
Investigation identified and charged 17 people Cryptocurrency Company To evade taxes. WazirX is owed 405 million rupees ($4.8 million), CoinDCX is owed 16.84 billion rupees ($1.9 million), and CoinSwitch Kuber is owed 141.3 million rupees ($1.7 million).
While most of the companies on the list have paid their dues, companies like Binance and Hyperux Technologies remain non-compliant. Binance The company reportedly owes 7.22 billion rupees ($85 million) in unpaid taxes.
That amount has not yet been recovered as it is not included in the total recoveries announced by the government.
Binance’s regulatory challenges continue
The tax issue adds to a host of challenges Binance currently faces. Last week, Amrita Srivastava, a former senior employee of the Binance Link platform said Filing whistleblower proceedings in the UK. Srivastava claims she was wrongfully fired after reporting alleged misconduct, including requests for bribes from colleagues.
also, Binance faces backlash In November, two meme coins based on Solana were launched: AI Prophecy (ACT) and Peanut the Squirrel (PNUT).
Critics accuse exchanges of facilitating pump-and-dump schemes. These low market cap tokens reportedly benefit specific traders at the expense of retail investors.
On the other hand, WazirX has continued to face serious challenges since its inception $235 million hack July. See after the incident Suspension of customer withdrawalsand has yet to fully recover.
“We will continue to take legal action to aggressively recover illiquid and stolen assets and ensure creditor interests are protected. This process includes tracking these assets and preventing unauthorized withdrawals to maximize potential returns to creditors ” WazirX recently wrote on X (formerly Twitter)
Recently, the Indian police A key suspect was arrested Related to hacker attacks. However, the main perpetrator remains unknown. Increased scrutiny by Indian government highlights wider issues Regulatory suppression In the field of cryptocurrency, tax evasion and Safety Addresses the remaining core issues.
Disclaimer
follow trust project BeInCrypto is committed to fair and transparent reporting. This news article is designed to provide accurate and timely information. However, readers are advised to independently verify the facts and consult a professional before making any decisions based on the content of this article. Please note that our terms and Conditions, privacy policyand Disclaimer Updated.
