Binance gains big as crypto traders flee Indian exchanges to escape taxes

Downloads of Binance's app in India jumped to 429,000 in August, the highest this year and almost triple that of runner-up CoinDCX,

Photo: Bloomberg
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Photo: Bloomberg

Suvashree Ghosh and Sidhartha Shukla | Bloomberg
Binance Holdings Ltd.’s billionaire Chief Executive Officer Changpeng Zhao is tightening his grip on India’s market for cryptocurrency trading in the fallout from a major tax change.
 
Downloads of Binance’s app in India jumped to 429,000 in August, the highest this year and almost triple that of runner-up CoinDCX, data from market intelligence firm Sensor Tower show. Only Binance among the top exchanges achieved higher downloads in India compared with July. 

The operator of the world’s largest crypto exchange stands out in a market where rivals are reeling from steep taxes and the difficulty of moving money in and out

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First Published: Sep 14 2022 | 7:54 AM IST

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