Binance Exchange is coming back to India.

[Bureau]

I came across the news in the Economic Times where they mentioned that Binance has agreed to all the terms and conditions of the Indian government. They will now be FIU compliant and will adhere to the tax regulations of the Indian government. Time for me to move to another International exchange which is not bowing down to the pressure of the Indian government.

Binance will be paying a penalty of $2 million to the government of India which does not look okay as the penalty is less. I might be speculating here but I think they have come up with some kind of understanding with the government to pay a low penalty which we will see in the future if we receive and many other Indian users receive a demand letter from the Income Tax department.

An official announcement by Binance is yet to be made.

[pakhitheboss]

I never thought that they would resort to such a level, but I guess they needed the money. What about the common P2P scams involving the Binance Exchange in India? Will those who are experiencing frozen bank accounts receive any help? I doubt that anything will be done about it, and the government is more concerned with people like us. I am convinced that the situation will change in the future. If anyone thinks otherwise, feel free to reply. But before that, let's not forget that we are moving towards centralization, which goes against the very concept of Bitcoin.

[Bitcoin Smith]

I never thought that they would resort to such a level, but I guess they needed the money. What about the common P2P scams involving the Binance Exchange in India? Will those who are experiencing frozen bank accounts receive any help? I doubt that anything will be done about it, and the government is more concerned with people like us. I am convinced that the situation will change in the future. If anyone thinks otherwise, feel free to reply. But before that, let's not forget that we are moving towards centralization, which goes against the very concept of Bitcoin.

US did that first, UK then probably India forced Binance to comply all the laws which ofcourse be a burden for the users to pay such hefty tax but from their perspective they are here to make money so they have to do anything to operate and in country like India they won't be taking chances cause the potential of market is huge when most population of our country ages 30 or less which makes trading as good choice for them that will obviously plus for the exchanges.

[Bureau]

I never thought that they would resort to such a level, but I guess they needed the money. What about the common P2P scams involving the Binance Exchange in India? Will those who are experiencing frozen bank accounts receive any help? I doubt that anything will be done about it, and the government is more concerned with people like us. I am convinced that the situation will change in the future. If anyone thinks otherwise, feel free to reply. But before that, let's not forget that we are moving towards centralization, which goes against the very concept of Bitcoin.

US did that first, UK then probably India forced Binance to comply all the laws which ofcourse be a burden for the users to pay such hefty tax but from their perspective they are here to make money so they have to do anything to operate and in country like India they won't be taking chances cause the potential of market is huge when most population of our country ages 30 or less which makes trading as good choice for them that will obviously plus for the exchanges.

I feel after agreeing to the terms and conditions of the Indian government they will lose users. Already there is a lot of issues with Binance P2P service for India. Bank account freeze are quite common when using the P2P service and now after agreeing to Indian government policies they will lose users who were using the exchange for saving tax. I think most of us were using international exchanges for only one purpose and that was tax saving. I feel rather than making money from India they will lose money

[Bitcoin Smith]

I feel after agreeing to the terms and conditions of the Indian government they will lose users. Already there is a lot of issues with Binance P2P service for India. Bank account freeze are quite common when using the P2P service and now after agreeing to Indian government policies they will lose users who were using the exchange for saving tax. I think most of us were using international exchanges for only one purpose and that was tax saving. I feel rather than making money from India they will lose money

I have different point of view, if new investors are entering into the market then probably their first choice will be trading or atleast buying from Binance which is inevitable that increases the liquidity for sure. But in my opinion still trading on the p2p like Paxful seems to be the best option even though we have to pay 1% trading fee we can find deals that covers the fee and in total we can nullify trading cost but as said day trading is no more profitable if 1% TDS is in place.

[Bureau]

I feel after agreeing to the terms and conditions of the Indian government they will lose users. Already there is a lot of issues with Binance P2P service for India. Bank account freeze are quite common when using the P2P service and now after agreeing to Indian government policies they will lose users who were using the exchange for saving tax. I think most of us were using international exchanges for only one purpose and that was tax saving. I feel rather than making money from India they will lose money

I have different point of view, if new investors are entering into the market then probably their first choice will be trading or atleast buying from Binance which is inevitable that increases the liquidity for sure. But in my opinion still trading on the p2p like Paxful seems to be the best option even though we have to pay 1% trading fee we can find deals that covers the fee and in total we can nullify trading cost but as said day trading is no more profitable if 1% TDS is in place.

Why would a new investor register on Binance when he knows taxation would be like a local exchange. Anyways you have a point that can be only verified after a few months. Another important aspect of crypto is that most new investors join this business only when they hear good outcomes from this industry through a friend or a family. They will be informed about the tax structure and they will know how to find a loophole. Earlier they used Binance as it was an easy way to hide 1% TDS now it will not be the recommended exchange. I am not against tax but I think 1 % TDS is not justified.

[TheUltraElite]

Binance will be paying a penalty of $2 million to the government of India which does not look okay as the penalty is less.

It is the lesser of the two evils. There is a huge market for crypto users in India and Binance has already felt this from the ban. They want to take it back and not lose the market to other competitors.

I think we should accept and move on with this instead of getting stuck on the centralization/loss of decentralization debate. Similar debate is common in the global section too but ultimately we need to trade our coins.

I hope this gradually leads to a better understanding between exchanges and the FIU and we see streamlined crypto transactions in the future.

[Bitcoin Smith]

.
.
Why would a new investor register on Binance when he knows taxation would be like a local exchange. Anyways you have a point that can be only verified after a few months. Another important aspect of crypto is that most new investors join this business only when they hear good outcomes from this industry through a friend or a family. They will be informed about the tax structure and they will know how to find a loophole. Earlier they used Binance as it was an easy way to hide 1% TDS now it will not be the recommended exchange. I am not against tax but I think 1 % TDS is not justified.

No matter what people will always go with the regulated platforms especially the newbies so there is huge market awaits for Binance since India is the most populated country and better in economics compared to other populated nations so 2 million is just a penny from their profits and I believe some settlement deals made under the table.

The reason why I said the user base will increase is just based on the outcomes of banning 9 international exchanges resulted in 2000% increase in the deposits on coindex and Wazirx.

[kentrolla]

I never thought that they would resort to such a level, but I guess they needed the money. What about the common P2P scams involving the Binance Exchange in India? Will those who are experiencing frozen bank accounts receive any help? I doubt that anything will be done about it, and the government is more concerned with people like us. I am convinced that the situation will change in the future. If anyone thinks otherwise, feel free to reply. But before that, let's not forget that we are moving towards centralization, which goes against the very concept of Bitcoin.

That's what I fear about because Bitcoin was created for anonymity and decentralisation but gradually if the top exchanges starts adhering or bowing down in front of government's demands which also requires them to share the user database with them with transactions then there is no use of being associated with the exchange and Binance being such big exchange cannot risk losing customers and putting their database at risk hence I guess there would be some sort of changes between the initial demand of government and what Binance is trying to work out.

[electronicash]

I feel after agreeing to the terms and conditions of the Indian government they will lose users. Already there is a lot of issues with Binance P2P service for India. Bank account freeze are quite common when using the P2P service and now after agreeing to Indian government policies they will lose users who were using the exchange for saving tax. I think most of us were using international exchanges for only one purpose and that was tax saving. I feel rather than making money from India they will lose money

I have different point of view, if new investors are entering into the market then probably their first choice will be trading or atleast buying from Binance which is inevitable that increases the liquidity for sure. But in my opinion still trading on the p2p like Paxful seems to be the best option even though we have to pay 1% trading fee we can find deals that covers the fee and in total we can nullify trading cost but as said day trading is no more profitable if 1% TDS is in place.

Why would a new investor register on Binance when he knows taxation would be like a local exchange. Anyways you have a point that can be only verified after a few months. Another important aspect of crypto is that most new investors join this business only when they hear good outcomes from this industry through a friend or a family. They will be informed about the tax structure and they will know how to find a loophole. Earlier they used Binance as it was an easy way to hide 1% TDS now it will not be the recommended exchange. I am not against tax but I think 1 % TDS is not justified.

still the government is giving your people a good chance to use the good exchange where there are plenty of users and high liquidity. as long as binance will pay for the operation in your country, i think this is a piece of good news for all.

the tax issue is within your government. all governments today i think is looking for ways to make money and they may just find the big spender. afaik, that $2M is not yet final, i think they could squeeze more from binance as they are willing to comply.

[baristor]

that really sucks already all sellers charging 12% premium above market price


At this rate buyin crypto in india sucks.

 Rather buy from foreigners for preev rates. and sell in India n become rich

[Bureau]

I feel after agreeing to the terms and conditions of the Indian government they will lose users. Already there is a lot of issues with Binance P2P service for India. Bank account freeze are quite common when using the P2P service and now after agreeing to Indian government policies they will lose users who were using the exchange for saving tax. I think most of us were using international exchanges for only one purpose and that was tax saving. I feel rather than making money from India they will lose money

I have different point of view, if new investors are entering into the market then probably their first choice will be trading or atleast buying from Binance which is inevitable that increases the liquidity for sure. But in my opinion still trading on the p2p like Paxful seems to be the best option even though we have to pay 1% trading fee we can find deals that covers the fee and in total we can nullify trading cost but as said day trading is no more profitable if 1% TDS is in place.

Why would a new investor register on Binance when he knows taxation would be like a local exchange. Anyways you have a point that can be only verified after a few months. Another important aspect of crypto is that most new investors join this business only when they hear good outcomes from this industry through a friend or a family. They will be informed about the tax structure and they will know how to find a loophole. Earlier they used Binance as it was an easy way to hide 1% TDS now it will not be the recommended exchange. I am not against tax but I think 1 % TDS is not justified.

still the government is giving your people a good chance to use the good exchange where there are plenty of users and high liquidity. as long as binance will pay for the operation in your country, i think this is a piece of good news for all.

the tax issue is within your government. all governments today i think is looking for ways to make money and they may just find the big spender. afaik, that $2M is not yet final, i think they could squeeze more from binance as they are willing to comply.

Yes, to an extent this can be considered as a good news wherein the government unofficially has now started implementing long awaited regulations but the primary issue is the tax. For any trader, freelancer and employee who deals in crypto will have to pay higher taxes than those dealing in fiat.

[Bitcoin Smith]

that really sucks already all sellers charging 12% premium above market price


At this rate buyin crypto in india sucks.

 Rather buy from foreigners for preev rates. and sell in India n become rich

Indian traders doing this for a while since the introduction of 30% crypto tax but ever since FIU hammered international exchanges to shut down their operations until they comply all the regulations framed the traders can risk their trading capital to make small money or just choose the Indian exchanges with exorbitant tax rates.

Arbitrage requires huge capital and someone trusted from another country then as you said it's possible to make tons of money from buying on international exchange then move to Indian exchange, sell it for INR then wire INR to the trusted person to buy BTC and repeat the process infinitely.

[pakhitheboss]

This is something new that I have never experienced with local Indian exchange. Surprisingly, I got an airdrop of a certain token from an Indian exchange worth INR 2000. I never expected that to happen, as I was not that worthy to get those tokens, since I do not trade that often.

I was aware that they were running a promotion contest as IPL-2024 started. Based on the number of runs scored and for those trading within the IPL schedule they were alo0cating the tokens.

I have never looked into such kind of contest in Indian exchanges as there are too many conditions required to qualify. To my surprise, Indian exchange is now offering something that International exchanges cannot offer anymore.

I feel it is the right time to check offers provided by any Indian exchange. I also feel this is the right time to participate in casual trading as I have been doing on that particular local exchange.

[pawanjain]

I came across the news in the Economic Times where they mentioned that Binance has agreed to all the terms and conditions of the Indian government. They will now be FIU compliant and will adhere to the tax regulations of the Indian government. Time for me to move to another International exchange which is not bowing down to the pressure of the Indian government.

Binance will be paying a penalty of $2 million to the government of India which does not look okay as the penalty is less. I might be speculating here but I think they have come up with some kind of understanding with the government to pay a low penalty which we will see in the future if we receive and many other Indian users receive a demand letter from the Income Tax department.

An official announcement by Binance is yet to be made.

Binance is a huge exchange and has a huge userbase of Indian users. They had to agree with the Indian policies otherwise they would lose a huge chunk from their user base.
Now that they have agreed to the policies we need to see how soon we get the access back to binance app on playstore and the website.
But the matter of concern is that police have arrested CZ which is a real convern, not sure whats gonna happen next.

[Bureau]

Binance is a huge exchange and has a huge userbase of Indian users. They had to agree with the Indian policies otherwise they would lose a huge chunk from their user base.
Now that they have agreed to the policies we need to see how soon we get the access back to binance app on playstore and the website.
But the matter of concern is that police have arrested CZ which is a real convern, not sure whats gonna happen next.
[/quote]

I am concerned why haven't they not announced about their comeback through their social handles. They should have done that in the same manner as Kucoin did earlier. This news was published in the main stream economic media, which only quote what their sources confirm . Somehow I feel either the deal with the government has not gone through or again the media published a disinformation to create another viral news for the crypto community.

[kentrolla]

Binance is a huge exchange and has a huge userbase of Indian users. They had to agree with the Indian policies otherwise they would lose a huge chunk from their user base.
Now that they have agreed to the policies we need to see how soon we get the access back to binance app on playstore and the website.
But the matter of concern is that police have arrested CZ which is a real convern, not sure whats gonna happen next.

I am concerned why haven't they not announced about their comeback through their social handles. They should have done that in the same manner as Kucoin did earlier. This news was published in the main stream economic media, which only quote what their sources confirm . Somehow I feel either the deal with the government has not gone through or again the media published a disinformation to create another viral news for the crypto community.
[/quote]

The news of CZ getting arrested no longer is a concern since it has been sorted and Binance has moved on from CZ and distances themselves from him. But the real question remains the same like if Binance agrees on the policy of Indian government and what if gradually they force every exchange to charge the TDS and tax like they do for Indian exchanges?

[Bureau]

The news of CZ getting arrested no longer is a concern since it has been sorted and Binance has moved on from CZ and distances themselves from him. But the real question remains the same like if Binance agrees on the policy of Indian government and what if gradually they force every exchange to charge the TDS and tax like they do for Indian exchanges?

Agreed tha Binance has distanced itself from CZ and now it is not of any concern. Unless Binance agreed to government policies it couldn't have been allowed to operate in India. Since they have not come up with an announcement like Kucoin did I think there is something brewing between them and the government of India which might be more than about FIU compliance. Apart from TDS and tax it is possible that the government is asking for past data as Income tax returns if not filled from 2022 with all the required information is a criminal offence. If Binance agrees the a lot of community members will be getting IT demand letters.

[Bitcoin Smith]

So officially now Binance became the second International crypto exchange to become FIU complaint after Kucoin.

Do you see this as Good?

IMO this is going to affect who traded prior to the blanket ban now will be scared of tax authorities knocking their doors but kind of positive for upcoming new users which will give better experience than Indian exchanges mainly because more liquidity, more trading pairs,etc.

[Bureau]

So officially now Binance became the second International crypto exchange to become FIU complaint after Kucoin.

Do you see this as Good?

IMO this is going to affect who traded prior to the blanket ban now will be scared of tax authorities knocking their doors but kind of positive for upcoming new users which will give better experience than Indian exchanges mainly because more liquidity, more trading pairs,etc.

Unofficially the government has initiated the process of regulating exchanges which means crypto regulation has been initiated. Now it won't be easy for anyone to escape TDS like it used be earlier. Even though there are international exchanges that still are not FIU compliant but they don't have the kind of volume like Binance has for now.

I doubt this is going to affect anyone who had traded prior because Binance accepted to follow the law from yesterday onwards before that they were not. But, no one knows what kind of aggreement they have signed with the government of India as the fine looks very less.