Binance CEO: India has an unfriendly Crypto environment

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Binance’s chief executive officer (CEO) and founder Changpeng Zhao has reportedly called India an unfriendly crypto environment in a stinging rebuke.

Zhao blamed the current Indian market on the high taxation regime, claiming that it was not a viable proposition for global players. “If you’re going to tax 1% on each transaction, there won’t be that many transactions,” he said. Zhao also dismissed claims that Binance saw less potential in the country as a result of its problems with WazirX. Earlier this month, Zhao stated that high taxes on cryptocurrency transactions in India could potentially “kill the industry.”

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Binance CEO: India has an unfriendly Crypto environment

Binance’s chief executive officer (CEO) and founder Changpeng Zhao has reportedly called India an unfriendly crypto environment in a stinging rebuke.

Zhao blamed the current Indian market on the high taxation regime, claiming that it was not a viable proposition for global players. “If you’re going to tax 1% on each transaction, there won’t be that many transactions,” he said. Zhao also dismissed claims that Binance saw less potential in the country as a result of its problems with WazirX. Earlier this month, Zhao stated that high taxes on cryptocurrency transactions in India could potentially “kill the industry.”

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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