{"id":55467,"date":"2022-01-03T12:09:46","date_gmt":"2022-01-03T10:09:46","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=55467"},"modified":"2025-09-04T01:35:19","modified_gmt":"2025-09-03T22:35:19","slug":"india-accuses-binance-owned-wazirx-of-tax-evasion","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/india-accuses-binance-owned-wazirx-of-tax-evasion\/","title":{"rendered":"India accuses Binance-owned WazirX of tax evasion"},"content":{"rendered":"

Indian authorities have identified a violation of tax law by the cryptocurrency exchange WazirX, owned by Binance. This is stated<\/a> in a press release.<\/p>\n

During a review of the platform’s business activity, authorities found evasion of the Goods and Services Tax (GST) totaling \u20b949.2 crore<\/span> rupees (over $6 million), including interest and penalties.<\/p>\n

Authorities have also turned their attention to other exchanges. According to The Economic Times<\/a>, the entities under investigation include CoinDCX, Unocoin, Coinswitch Kuber and BuyUCoin.<\/p>\n

\n

\u201cThe above-mentioned case is part of a campaign against tax evasion. [\u2026] The CGST Department will cover all cryptocurrency exchanges within the Mumbai area, and will intensify this work in the coming days,\u201d the release notes.<\/p>\n<\/blockquote>\n

According to CoinDesk<\/a>, WazirX cited a lack of regulatory clarity and said that it \u201cconscientiously pays GST on tens of crores each month.\u201d<\/p>\n

\n

\u201cAmbiguity in one interpretation of a component gave rise to another calculation of the value-added tax. We voluntarily paid an additional GST. There was no intention to evade taxes,\u201d the company said.<\/p>\n<\/blockquote>\n

Binance acquired the Indian cryptocurrency exchange in November 2019.<\/p>\n

In the summer of 2021, the Enforcement Directorate of India’s Ministry of Finance announced an investigation into WazirX<\/a>. Later, media refined that authorities are examining the activities of apps operated by Chinese operators \u2014 part of the funds allegedly laundered through a Bitcoin exchange<\/a>.<\/p>\n

Earlier in 2021, there were reports of a possible legislative ban on cryptocurrencies, with talk of criminal liability<\/a> for owners.<\/p>\n

Later, it emerged that authorities will regulate digital currencies<\/a> as a class of assets.<\/p>\n

However, in November, officials again discussed the government’s intention to ban most \u201cprivate currencies\u201d<\/a>. This caused a panic in the local market, which led to a short-term local drop in the price of Bitcoin by 15%<\/a>.<\/p>\n

In December, media reported that authorities would nevertheless regulate digital assets<\/a> rather than ban them.<\/p>\n

Subscribe to ForkLog news on VK<\/a>!<\/p>\n","protected":false},"excerpt":{"rendered":"

Indian authorities have identified a violation of tax law by the cryptocurrency exchange WazirX, owned by Binance. This is stated in a press release.<\/p>\n","protected":false},"author":1,"featured_media":55468,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1166,278,558],"class_list":["post-55467","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-centralized-exchanges-cex","tag-india","tag-taxes"],"aioseo_notices":[],"amp_enabled":true,"views":"18","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55467","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=55467"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55467\/revisions"}],"predecessor-version":[{"id":55469,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/55467\/revisions\/55469"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/55468"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=55467"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=55467"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=55467"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}