Binance CEO: We Don’t See a Viable Business in India

Binance CEO: We Don’t See a Viable Business in India

Binance CEO Changpeng Zhao (CZ) says India is currently not a viable business environment for his cryptocurrency exchange, citing a strict tax regime. The executive explained: “Binance goes to countries where regulations are pro-crypto and pro-business.”

Binance’s CEO on Indian Crypto Environment

The CEO of cryptocurrency exchange Binance, Changpeng Zhao (CZ), does not currently see India as a viable country to expand his crypto exchange operations. He detailed at a Techcrunch Crypto conference Thursday:

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To be honest, I don’t think India is a very crypto-friendly environment.

Zhao is particularly discouraged by the crypto tax regime that the government of India implemented earlier this year. In addition to taxing crypto income at 30%, crypto transactions are subject to a 1% tax deduction at the source (TDS).

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