đŸ—£Indian Authorities Accuse Binance of Tax Evasion.
India's tax authorities have accused Binance, the world's largest cryptocurrency exchange, of evading $86 million in taxes.
The Directorate General of GST Intelligence (DGGI) in Ahmedabad found Binance owed 722 crore rupees due to its classification as an Online Information Database Access or Retrieval (OIDAR) service provider. Binance allegedly charged Indian clients trading fees without paying Goods and Services Tax (GST). Binance’s income from these fees may have reached $476 million.
The exchange’s spokesperson declined to provide details but expressed readiness to cooperate with Indian authorities. Previously, India’s Financial Intelligence Unit fined Binance $2.2 million for anti-money laundering violations.
