Whats happening with Binance/WazirX

[Daltonik]

A bit of news about the exchange, which unfortunately is not very cheerful in the New Year, although I think that such fines for a large exchange are not significant and it is better to close them and move on. So in a press release it is reported that the Indian authorities have revealed a violation of tax legislation on the part of the WazirX cryptocurrency exchange owned by Binance.
During the study of the business activity of the platform, evasion of goods and services tax (GST) in the amount of 49.2 crore rupees (more than $6 million), including interest and fines, was found.

[pakhitheboss]

A bit of news about the exchange, which unfortunately is not very cheerful in the New Year, although I think that such fines for a large exchange are not significant and it is better to close them and move on. So in a press release it is reported that the Indian authorities have revealed a violation of tax legislation on the part of the WazirX cryptocurrency exchange owned by Binance.
During the study of the business activity of the platform, evasion of goods and services tax (GST) in the amount of 49.2 crore rupees (more than $6 million), including interest and fines, was found.

Yes, we saw that news but I do not think it is wrong on the government part. If you are earning so much money then why hide tax? The amount is not that big for an exchange like WazirX which is part of Binance. News like this adds to the negative image of cryptocurrency in India. Already a majority of people believe that the cryptocurrency market is a threat to national security such news will give more fire to the rumour.

[Shagnasty]

I dont know about these people but I regularly withdraw INR from wazirx to my bank account and it gets credited almost instantly...within 10 seconds... Never had any issue with withdrawals so I dont see any problem with wazirx .
I feel it is the best exchange in India.

[pakhitheboss]

I dont know about these people but I regularly withdraw INR from wazirx to my bank account and it gets credited almost instantly...within 10 seconds... Never had any issue with withdrawals so I dont see any problem with wazirx .
I feel it is the best exchange in India.

This is an old issue which was of course temporary. Be prepared to get 30 percent taxed next time when you withdraw INR from wazirX. I am sure you also know about it as it was declared by the finance minister.