Indian tax authorities are launching a crackdown on over 400 high-net-worth individuals on the Binance exchange, accused of evading taxes on crypto transactions between 2022-23 and 2024-25. The investigation comes as India’s government focuses on strengthening its approach to cryptocurrency taxation with new regulations. Binance’s recent return to the Indian market has been scrutinized for potential tax violations, especially in areas like local bank settlements and digital payment platforms. Regulators are looking closely at how some users concealed crypto profits through informal transactions outside regulated exchanges. The government is aiming for a 30% tax on profits and a 1% withholding tax on each transaction, leading to effective rates of up to 42.7%. The Central Board of Direct Taxes (CBDT) has issued directives to regional departments to provide detailed reports by October 17th. Meanwhile, Binance faces global challenges as it navigates trader losses from recent depegging incidents in multiple markets, pledging to compensate affected users while navigating increased scrutiny from regulators worldwide.