Binance Downloads in India Surpass Other Foreign Crypto Exchanges, Nears 430,000 Mark

The crypto community in India appears to be joining the international crypto exchanges after mature domestic players found themselves entangled in legal troubles in the country. Binance, the US-based crypto exchange led by Changpeng Zhao has reached 429,000 downloads in India as of August this year. With this, the international crypto exchange has surpassed competitors Coinbase, FTX and CoinMarketCap among others, in terms of attracting downloads from Indian investors. This detail was highlighted by market intelligence firm Sensor Tower.

Development took place a few days later Binance CEO Zhao claims that it does not fully own the Indian exchange WazirX, which is under investigation in India for money laundering allegations. At that time. Zhao has suggestions that they had a say in shutting down WazirX and asking Indian users to switch to the main Binance platform to facilitate the exchange.

While Binance recorded a huge jump in its India-focused user base, WazirX monthly downloads dropped to 92,000 in August from around 596,000 in January, a Bloomberg’s report notes.

Indian crypto investors have been subject to the tax regime this year. Community members are paying Tax 30 percent on virtual digital asset transactions since April.

At the end of May, India also imposed a percent tax deduction per crypto transaction including any purchase and deposit of crypto assets.

In the context of these tax laws in force, CoinDCX Downloads dropped to 163,000 in August from 2.2 million in January, and downloads from Coinbase dropped to 16,000 in August from nearly 31,000 in June.

According to a Bloomberg report, Binance has emerged as the most downloaded international cryptocurrency exchange with low fees, diverse services, and a popular peer-to-peer marketplace to facilitate exchange. move between tokens and cash.

Cryptocurrency exchange, founded in 2017, is striving to be the most licensed exchange cryptocurrency exchange In the world.

The company has obtained a license to operate in Kazakhstan, Franceand UAE.

Back in July, Ken Li, chief investment officer at Binance Labs, tell Gadgets 360 in an interview that the company is actively monitoring the Indian market to capture lucrative business opportunities.

Apple announced eight new products at its ‘Far Out’ event in September. Which will float – and which will sink? We discuss this on Trajectorypodcast Gadgets 360. Orbit is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcast.Cryptocurrency is an unregulated digital currency that is not legal tender and subject to market risk. The information provided in the article is not intended and does not constitute financial advice, trading advice or any other advice or recommendation of any kind provided or endorsed by NDTV. NDTV will not be liable for any loss arising from any investment based on any recommendations, forecasts or any other information contained in the article.

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