Changpeng Zhao (CZ), CEO of Binance Holdings Ltd tightened his grip on cryptocurrency trading in India following the platform's wobble in India due to major tax changes.
The streak, Binance app downloads in India increased by 429,00 in August, even the company was the top exchange that achieved the highest downloads in India compared to its performance in July.
This is because, Binance quickly took the opportunity by solving the problem of the Indian country struggling with high taxes on crypto transactions as well as the difficulty of transferring money from trading places.
As evidenced, limited support from the banking system makes it difficult for investors to fund accounts or convert tokens to fiat currency despite regulations introduced this year preventing crypto trading losses.
For context, Zhao outperforms competitors through low fees, variety of offerings and differences in foreign exchange methods that make the movement of tokens and cash easier.
According to Binance app users, the original Indian platform has cut the levy* but other firms like Binance and FTX have not done so.
*Levi is a decentralized financial payment network that rebuilds the traditional payment stack on the blockchain
Furthermore, Rohan Misra, chief executive officer at SEBA, India, a subsidiary of Switzerland-based SEBA Bank AG stated that the tax rules are not clear whether the 1% tax deducted is on extensive sources or crypto derivatives trading.
As such, Binance is monitoring the situation and will make further announcements in the near future although FTX and the Indian Ministry of Finance declined to comment on the matter.
