India Investigates High-Net-Worth Crypto Traders for Potential Tax Evasion

Indian tax authorities are investigating over 400 high-net-worth individuals who traded on Binance. The investigation focuses on potential evasion of taxes on cryptocurrency transactions from 2022 to present, with the potential tax burden reaching as high as 42.7%. This surge in activity stems from a combination of high cryptocurrency transaction taxes and regulatory loopholes that have made it challenging for traders to comply. To combat this, Indian authorities are tightening the noose by requiring Binance to share information about suspected evaders, facilitating more effective tracking and enforcement.