Cryptocurrencies

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
Photographer: Benjamin Girette/Bloomberg

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By Suvashree Ghosh and Sidhartha Shukla

September 13, 2022 at 10:03 PM UTC

Updated on

September 14, 2022 at 5:03 AM UTC

This article is for subscribers only.

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.