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Crypto Traders Flee India Exchanges to Binance to Escape Tax

  • A transaction tax has hurt volumes at India’s crypto exchanges
  • But Binance and FTX are among firms that don’t deduct the levy
Zhao Changpeng

Zhao Changpeng

Photographer: Benjamin Girette/Bloomberg
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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.