Indian authorities have accused the WazirX exchange of tax evasion

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Other cryptocurrency platforms will also be investigated

Indian authorities have accused the WazirX exchange of tax evasion

04.01.2022 - 07:15

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What’s new? According to the press service of the Indian government, the country has launched an investigation into a number of cryptocurrency exchanges. In particular, the platform in question is WazirX, owned by Binance.

The full version of the press release

What is WazirX being accused of? According to the authorities, the exchange was evading goods and services tax. The total amount, including fines, has so far exceeded $6 million. However, the exchange’s representatives consider the charges unfounded and assure the timely payment of all required taxes.

According to the press release, the investigation is a part of a larger plan by the authorities to crack down on tax law violations. Similar measures will be taken against all cryptocurrency exchanges operating in India. There is no word yet on possible sanctions against the WazirX platform.

Author:

Michael Golikov

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