Indian Crypto Traders Move To Binance And FTX, Here’s Why! | Bitcoinist.com

Bitcoinist

Changpeng Zhao, crypto platform Binance’s CEO, is serious about securing its position in the Indian market for crypto trading owing to a shift in the tax structure in India.

Binance currently has an edge over its competitors in the Indian market because it doesn’t include the high taxes or difficulty in moving money in and out of the trading platforms.

How To Get Free Crypto  
5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

The number of downloads of the Binance app in India has increased to 429,000 in the month of August.

It has been the highest this year and is close to triple that of the second-ranked CoinDCX, according to data from market intelligence firm Sensor Tower.

In addition, Binance remains the only top exchange that has achieved higher downloads in India as compared to the month of July.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

This also indicates that Binance has witnessed substantially high growth in popularity in India this year. This gain in popularity can be directed toward the major tax change that India witnessed this year itself.

Binance happens to offer lower fees along with other offerings and a popular peer-to-peer marketplace which allows seamless movement between tokens and cash as compared with the Indian exchanges.

Coinbase Banner  

Indian Platforms To Lose Out Owing To Deduction Of Levy

Indian crypto exchanges that belong to India have started to deduct the levy, but foreign platforms such as Binance and FTX have not started to do that.

This has simply caused investors to make a switch to foreign platforms such as Binance and FTX, as mentioned by users of the apps, stating reasons which were purely related to matters of tax law.

Many traders may find a loophole in tax enforcement and a grey area where the law applies to more complex transactions.

Binance happens to be the world’s largest crypto exchange, and it is choosing a different path compared to its rivals, who are dealing with increased taxes along with issues in moving money in and out of the trading venues.

FreeBitcoin Banner  

Daily trading volumes on India-based crypto platforms are down by 90% since the 1% tax on crypto transactions took place in the month of July this year.

Binance has no doubt outmanoeuvred Indian competitors with low fees and a better peer-to-peer marketplace.

The other very important factor has to be the difference in how foreign exchanges handle transaction taxes imposed on domestic residents as compared to Indian exchanges.

There Remains Less Clarity On Crypto Tax In India

The recent tax regulations in India are still unclear and also ambiguous regarding a lot of aspects.

Rohan Misra, chief executive officer at SEBA India, mentioned,

The recent tax regulation is not explicitly clear on whether the 1% tax deducted at source extends to crypto derivatives transactions involving futures, as it does to crypto spot transactions.

According to Binance, it “is currently monitoring the situation and will make further announcements in due course,” stated a spokesperson, who said this is a response to questions pertaining to collecting the levy.

Go to Source
Author: anushsamal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.