India’s tax authorities have demanded that Binance pay $86 million in damages
Earlier, the exchange had already paid $2,3 million to India’s financial intelligence agency for repeatedly violating AML laws
06.08.2024 - 15:25
189
2 min
0
What’s new? The world’s largest centralized crypto exchange (CEX) Binance is facing a demand from the Indian Revenue Service to pay $86 million. Last week, officials at the Ahmedabad-based authority issued a notice to this effect due to suspected tax law violations. It is alleged that the exchange failed to pay taxes on the fees it charged customers from July 2017 to March 2024.
What else is known? This is the first case when such a notice was issued by the tax authorities in relation to a foreign crypto exchange. In turn, Binance representatives assured that they cooperate with officials.
At the same time, it is not the first time that Binance has faced problems in the Indian market. Thus, in June this year, it was fined $2,3 million for providing services to Indian clients without complying with anti-money laundering (AML) rules. As part of its re-entry into the market, Binance paid the fine and registered with the Financial Intelligence Unit (FIU).
The current investigation by the IRS is being conducted independently of the FIU.
IRS notices of this nature do not always result in the payment of penalties. For instance, earlier this month, local company Infosys managed to challenge such a demand and got some of the charges dropped.
Binance user number has passed the 210 million mark
In addition, the number of institutional registrations grew by more than 36% in the first half of the year
According to preliminary reports, Binance earned more than $476 million 40 billion rupees) in transaction fees that were transferred to Nest Services, part of the Seychelles-based Binance Group.
Useful material?
Telegram 
Twitter Market
The company’s unrealized profits from investing in its first cryptocurrency approached $14 billion
Nov 19, 2024
Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$98 717
BTC
+4.46%
-
Ethereum
$3 337.78
ETH
+9.19%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.36
XRP
+24.29%
-
Dogecoin
$0.398267
DOGE
+6.67%
-
Cardano
$0.871044
ADA
+12.83%
-
Bitcoin Cash
$489.17
BCH
+12.89%
-
Polkadot
$6.14
DOT
+11.42%
-
Stellar XLM
$0.276832
XLM
+15.16%
-
Litecoin
$90.14
LTC
+8.98%