India Cracks Down on Binance-linked Crypto Exchange Crypto Exchanges for $85M Tax Evasion
India’s Goods and Services Tax Department has discovered huge tax evasion by Nest Services, a cryptocurrency exchange associated with Binance Group, amounting to Rs 722.43 million ($85 million). Apart from this, 17 other cryptocurrency exchanges have been charged for evading GST for a total amount of Rs 824.14 crore. Large platforms such as WazirX, CoinDCX and CoinSwitch Kuber have also come into focus, with WazirX facing a Rs 405.1 million tax evasion case. The major crackdown highlights the growing efforts by Indian authorities to ensure that cryptocurrency exchanges comply with tax rules and avoid tax evasion. The investigation raises concerns about future regulatory changes to the industry.
