Binance CEO: India has an unfriendly Crypto environment

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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.”

Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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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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Sreejit Kumar
Sreejit Kumar
Hi, I'm Sreejit Kumar, a journalist with a Master's degree in Journalism. Through my education and professional experience, I have developed a keen eye for detail and a passion for uncovering the truth. As an author for this news website, I am committed to delivering accurate, timely, and engaging stories that inform and entertain our readers.

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