Dec 4, 01:47 PM

India Flags ₹824.14 Crore Crypto Tax Evasion, Targets Binance for ₹722.43 Crore Amid $235 Million WazirX Hack

India's Finance Ministry has intensified its crackdown on cryptocurrency exchanges, highlighting significant tax evasion by major players including Binance and WazirX. Binance is accused of evading ₹722.43 crore (approximately $85 million) in Goods and Services Tax (GST), making it the largest offender in a total of ₹824.14 crore ($96 million) in crypto tax evasion involving 17 flagged entities. In addition, WazirX has been implicated for evading ₹40.51 crore in GST and has faced severe repercussions, including a cyberattack in July that resulted in the theft of $235 million from approximately 15 million users. Following the attack, trading on WazirX has been halted, and the remaining funds on the platform have been frozen. Binance has been ordered to pay around $850 million in unpaid taxes, while WazirX has reportedly paid $5.8 million to settle its tax obligations.

#India #Finance Ministry #Binance #WazirX #Goods and Services Tax

Written with ChatGPT (GPT-4o mini).

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India Flags ₹824.14 Crore Crypto Tax Evasion, Targets Binance for ₹722.43 Crore Amid $235 Million WazirX Hack

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