"India Is Killing Crypto Industry"- Binance CEO

Binance CEO Says India Is Killing Its Crypto Industry

During a panel at a fintech conference in Singapore, Binance CEO opined what he thinks of India’s crypto tax policies.

[{"selector":"#anim-4dbf6563-12cf-4aee-be52-ec3a4c367170","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-15d90c02-5ba9-4c39-8913-86909e81e6d0","keyframes":{"transform":["translate3d(-97.03196%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-aba21f33-9a10-4d47-9384-a071033c225f","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-984c7702-20c0-4c42-9af8-7a53f25961d6","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-6e380ffc-6585-4e8d-b865-9d2816c7855d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Binance CEO Changpeng Zhao said India’s onerous taxes on cryptocurrency transactions will probably “kill the industry” there.

[{"selector":"#anim-52ca8aa5-05c9-4d04-8343-8f9efdca63aa","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0658f32d-a1a9-4e21-b066-da93bb56afbf","keyframes":{"transform":["translate3d(-97.03196%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8b1a0b6e-2762-420a-b94c-5264e45c1078","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-98616060-69d2-4c49-b4c4-55c170b5bee9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-03bc55a4-92a2-4c79-a365-9b7aac5acf62","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

“India has high tax which is probably going to kill the industry,” the CEO said.

[{"selector":"#anim-e25067fb-2ec1-42ee-9656-8635cdb498d2","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-200edd35-d776-4f83-883b-7c5db75041d8","keyframes":{"transform":["translate3d(-94.02655%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-db4ca73a-8730-401a-9c03-0c250f622961","keyframes":{"transform":["translate3d(110.12658%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-889e6605-650a-4ed4-9cee-71177b9292a7","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-e3698cb4-0cf3-400f-9c02-3f5187258ae0","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

Earlier this year, the Indian government announced heavy taxes on crypto trading that caused trading volume on exchanges to drop.

[{"selector":"#anim-67fa34f9-e539-4d6e-9f02-775e4bc844fa","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-0bd9f0d0-61d1-4e76-b321-c7884c2fe0d2","keyframes":{"transform":["translate3d(-97.13656%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-61b3971e-99fc-4a63-8657-a893efbba21f","keyframes":{"transform":["translate3d(112.65823%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-072e3bc2-38b1-4316-bedd-dfade36a9e62","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f11c6f2f-0763-4a87-8c80-c9781fb54509","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] Learn more

India levied heavy taxes on capital gains and transactions to curtail the crypto industry.

[{"selector":"#anim-4d0d4b7d-b86a-4301-8515-c2a07f25cfd1","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-5ed2a4b6-f621-46d3-a8e8-8fe105fcab47","keyframes":{"transform":["translate3d(-97.03196%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-31e986b0-5328-4303-9cd1-bdc6e7788163","keyframes":{"transform":["translate3d(115.18987%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-337e7f32-51c9-4d05-8719-17e93307d067","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-9617cdfb-021e-4788-b605-adcaf5e65832","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

India also announced the pilot project of its central bank-digital currency this month.

[{"selector":"#anim-f09be01f-7174-493b-84a0-5605863c9278","keyframes":{"opacity":[0,1]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a528a6d2-4926-4cdd-939e-e6b09a2a4e43","keyframes":{"transform":["translate3d(-97.03196%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1500,"easing":"cubic-bezier(0.2, 0.6, 0.0, 1)","fill":"both"}] [{"selector":"#anim-a3a26969-3049-410b-9468-88b494486e96","keyframes":{"transform":["translate3d(107.91139%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-8f946c0c-f563-472d-95d0-700acc94b8d9","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-f71645c1-e7ca-460f-a335-eb11da53b044","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}]

The Indian crypto community has been protesting against high crypto taxes.

[{"selector":"#anim-bbdb8aa0-f109-42f8-899e-c623dc2d9dcb","keyframes":{"transform":["translate3d(115.50632%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-d47d7bf5-070f-4a3f-aa3f-ec9b3476c706","keyframes":{"opacity":[0,1]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] [{"selector":"#anim-3c41ee4a-4177-4586-93cb-95683534676d","keyframes":{"transform":["scale(0.15)","scale(1)"]},"delay":0,"duration":1800,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"forwards"}] [{"selector":"#anim-5c2e3a2a-0d54-4da8-856b-d77ecb6ac267","keyframes":{"transform":["translate3d(-244.23073%, 0px, 0)","translate3d(0px, 0px, 0)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(.2, 0, .8, 1)","fill":"both"}] [{"selector":"#anim-a7ddcd18-154f-400b-9062-b40dbaccb6ab","keyframes":{"transform":["rotateZ(-180deg)","rotateZ(0deg)"]},"delay":0,"duration":1200,"easing":"cubic-bezier(.2, 0, .5, 1)","fill":"forwards"}] More Crypto Stories...