The crypto community in India has been tapping into international crypto exchanges after domestic players found themselves embroiled in legal troubles in the country. US-based crypto exchange, Binance, headed by Changpeng Zhao, has achieved 429,000 downloads in India as of August this year. With this, the international crypto exchange has overtaken its rivals Coinbase, FTX and Coinmarketcap to gain downloads from Indian investors. Market intelligence firm Sensor Tower has highlighted this detail.
Development Binance CEO Zhao claimed that it does not wholly own the Indian exchange WazirX, which is under investigation in India over allegations of alleged money laundering. those days. Zhao had indicated that he had a role in the closure of WazirX and asked Indian users to migrate to the main Binance platform to facilitate the exchange.
While Binance has registered a surge in its India-focused user base, WazirX’s monthly downloads declined to 92,000 in August from around 596,000 in January. Bloomberg report states,
Indian crypto investors have been brought under the tax regime this year. Community members have been paying 30 percent tax on transactions of virtual digital assets since April.
Later in May, India also implemented a one percent tax deduction on every crypto transaction, including every purchase and deposit of crypto assets.
In the backdrop of these tax laws taking effect, CoinDCX downloads declined to 163,000 in August, from 2.2 million in January, and Coinbase downloads declined to 16,000 in August, from around 31,000 in June.
As reported by Bloomberg, Binance has emerged as the most downloaded international crypto exchange with its low fees, various offerings, and a popular peer-to-peer marketplace for facilitating movement between tokens and cash.
The crypto exchange established in 2017, is striving to become the most licensed crypto exchange in the world.
The company has already obtained operating licenses in Kazakhstan, France and UAE.
Back in July, Binance Labs investment director Ken Lee told Gadgets 360 in an interview that the company was actively monitoring the Indian market to grab lucrative business opportunities.
