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Author Topic: Binance Exchange is coming back to India.  (Read 309 times)
Bitcoin Smith
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May 11, 2024, 09:12:25 AM
 #21


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.

We do know that government of India is being anti crypto since the beginning so I can assume they are not going to let anyone free who didn't pay their taxes and Binance will not hesitate so share whatever information FIU seeks because they are not taking any chances here because their potential market is 1.5 billion users.

Also, a lot of speculations started about getting tax notices sooner or later but for sure who didn't pay their crypto taxes since 2022's financial year.

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May 11, 2024, 10:52:11 AM
 #22


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.

We do know that government of India is being anti crypto since the beginning so I can assume they are not going to let anyone free who didn't pay their taxes and Binance will not hesitate so share whatever information FIU seeks because they are not taking any chances here because their potential market is 1.5 billion users.

Also, a lot of speculations started about getting tax notices sooner or later but for sure who didn't pay their crypto taxes since 2022's financial year.

Binance became FIU compliant recently then how can the government ask for user details of Tax evasion when the law is meant for suspected financial transactions. Above all Binance was never under the jurisdiction of the government of India as it never had any office in India. After this they will need an office in India and have to provide any details the government requires from them.

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Bitcoin Smith
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May 11, 2024, 11:23:41 AM
 #23


Binance became FIU compliant recently then how can the government ask for user details of Tax evasion when the law is meant for suspected financial transactions. Above all Binance was never under the jurisdiction of the government of India as it never had any office in India. After this they will need an office in India and have to provide any details the government requires from them.

As @Bureau said, we don't know what are the terms Binance agreed to when they decided to come back and it's just speculation. And government authority might have all the rights to ask about the user data as long as they are the residents of India, cause India imposed the 30% tax on VDA in 2022 so they have every reason to go after who didn't pay their taxes prior they became FIU compliant.

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pakhitheboss
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May 11, 2024, 12:12:19 PM
 #24


Binance became FIU compliant recently then how can the government ask for user details of Tax evasion when the law is meant for suspected financial transactions. Above all Binance was never under the jurisdiction of the government of India as it never had any office in India. After this they will need an office in India and have to provide any details the government requires from them.

As @Bureau said, we don't know what are the terms Binance agreed to when they decided to come back and it's just speculation. And government authority might have all the rights to ask about the user data as long as they are the residents of India, cause India imposed the 30% tax on VDA in 2022 so they have every reason to go after who didn't pay their taxes prior they became FIU compliant.

You are right about the part where you said the government of India imposed tax in 2022. That being said Binance was never asked for any data by the government in 2023, only in 2024 they were accepted the government regulations. Basically, Binance only keeps a record of a user transaction for only a year.

If you don't agree then you can check with their support. Last year, while trying to file my taxes I requested Binance to send me the data for the financial year, unfortunately, I am still waiting. They never kept those transaction data and that is why they didn't send me as they knew that it is irrelevant at that time. They have mentioned on their support page that they keep transaction information for six months. For the rest you have to change the date and try, which I did last year but never got any Excel sheet from them. Check this page: https://www.binance.com/en/support/faq/how-to-show-my-deposit-history-within-6-months-5801e72c38f647fd85818c38e1125907

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Bureau (OP)
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May 11, 2024, 01:45:15 PM
 #25

^ I don't agree with your argument as it is impossible for Binance to get out this mess easily. What makes me question them is the fine they have paid to the government. The fine thinking on the years they have been operating in the country makes me more curious. Fromm 2022 till now is an okay factor, what about from 2018? These guys as in the exchange will reveal everything and if the government doesn't act they will keep an eye on those username that made a good amount of money.

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May 11, 2024, 03:28:15 PM
 #26


Binance became FIU compliant recently then how can the government ask for user details of Tax evasion when the law is meant for suspected financial transactions. Above all Binance was never under the jurisdiction of the government of India as it never had any office in India. After this they will need an office in India and have to provide any details the government requires from them.

As @Bureau said, we don't know what are the terms Binance agreed to when they decided to come back and it's just speculation. And government authority might have all the rights to ask about the user data as long as they are the residents of India, cause India imposed the 30% tax on VDA in 2022 so they have every reason to go after who didn't pay their taxes prior they became FIU compliant.

You are right about the part where you said the government of India imposed tax in 2022. That being said Binance was never asked for any data by the government in 2023, only in 2024 they were accepted the government regulations. Basically, Binance only keeps a record of a user transaction for only a year.

If you don't agree then you can check with their support. Last year, while trying to file my taxes I requested Binance to send me the data for the financial year, unfortunately, I am still waiting. They never kept those transaction data and that is why they didn't send me as they knew that it is irrelevant at that time. They have mentioned on their support page that they keep transaction information for six months. For the rest you have to change the date and try, which I did last year but never got any Excel sheet from them. Check this page: https://www.binance.com/en/support/faq/how-to-show-my-deposit-history-within-6-months-5801e72c38f647fd85818c38e1125907


Not really since the citizens were mandated to follow whatever the tax imposed by government imposed and now they are becoming FIU complaint they can/will have rights to ask any data about users from India.

And the link you shared about 6 months is that they might ask source of income of the funds including cryptos within 6 month time period and that doesn't necessarily mean they won't keep our TXs data beyond 6 month.

I went through their privacy policies https://www.binance.com/en/privacy where I can't really able to find how lng they will keep the shared data of users but

Quote
We may access, read, preserve, and disclose information when we believe it is reasonably necessary to comply with law, legal obligations, regulations, law enforcement, government, and other legal requests, court orders, or disclosure to tax authorities in line with the detailed information set forth under Section 6.

The Category of Personal Data processed is Personal Identification Information, Institutional Information, Financial Information, Transactional Information, Browsing Information, Usage Data, Blockchain Data.

Means they will keep track the data forever cause they might be asked anything by governments at any time and they are supposed to provide whatever the authorities seeks for smooth operation of their platform in the respective country.

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May 11, 2024, 04:50:03 PM
 #27

Even I got to know from social media news channel that Binance has got the registration from FIU India and the ban on Binance exchange will soob be uplifted.
While it might sound great that we will be able to trade on Binance legally very soon but at the same time we must also be concerned with our data now.
We have provided KYC data to Binance which I think it will have to share with the Indian government for AML policies.
Soon, the government of India will find out how mcuh every Indian crypto user is depositing and withdrawing from Binance.
Those who are privacy focused will have to quit using Binance now onwards.

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May 12, 2024, 02:36:22 AM
 #28

I have been telling everyone around here to stop using international exchanges like Binance and Kucoin if you don't want any legal issues. Whatever has happened behind the doors between the government and the exchange will not come out in public domain. We can only speculate what might happen in the future. We will need to wait till July to understand how much deep we are in the hole when the government comes out with the full budget.

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May 15, 2024, 04:50:10 PM
 #29

I have been telling everyone around here to stop using international exchanges like Binance and Kucoin if you don't want any legal issues. Whatever has happened behind the doors between the government and the exchange will not come out in public domain. We can only speculate what might happen in the future. We will need to wait till July to understand how much deep we are in the hole when the government comes out with the full budget.
I know it might not seem possible for my fellow countrymates here, but keep the fiat for the daily spending and keep the bitcoin in the wallets till things settle and just wait it out till the government gets their pants back on. Grin

The only question is how long one would have to keep their coins in limbo in a wallet before being able to spend, because many of you are freelancing on bitcoin payments. Embarrassed

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May 16, 2024, 02:43:26 AM
 #30

The only question is how long one would have to keep their coins in limbo in a wallet before being able to spend, because many of you are freelancing on bitcoin payments. Embarrassed

I don't think that the situation will change and this might be what is called as regulation. All local exchanges are FIU compliant but only two international exchanges have agreed to the government request. I was expecting OKX after Kucoin to declare that they are compliant but they haven't. That being said now will the government go after pancakeswap as it is also a Binance product.

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May 16, 2024, 04:30:12 PM
Merited by TheUltraElite (1)
 #31

I have been telling everyone around here to stop using international exchanges like Binance and Kucoin if you don't want any legal issues. Whatever has happened behind the doors between the government and the exchange will not come out in public domain. We can only speculate what might happen in the future. We will need to wait till July to understand how much deep we are in the hole when the government comes out with the full budget.
I know it might not seem possible for my fellow countrymates here, but keep the fiat for the daily spending and keep the bitcoin in the wallets till things settle and just wait it out till the government gets their pants back on. Grin

The only question is how long one would have to keep their coins in limbo in a wallet before being able to spend, because many of you are freelancing on bitcoin payments. Embarrassed

You have answered your own question here in the bolded part.
Even thought the government will now have all the data from Binance, people will still be trading on binance just because they don't have many other options yet.
Although there are few other international exchanges to use but none of them are as good as binance to be honest.
That being said, it has just become a matter of prority now for the individuals.

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May 17, 2024, 05:26:05 AM
Merited by TheUltraElite (1)
 #32

I have been telling everyone around here to stop using international exchanges like Binance and Kucoin if you don't want any legal issues. Whatever has happened behind the doors between the government and the exchange will not come out in public domain. We can only speculate what might happen in the future. We will need to wait till July to understand how much deep we are in the hole when the government comes out with the full budget.
I know it might not seem possible for my fellow countrymates here, but keep the fiat for the daily spending and keep the bitcoin in the wallets till things settle and just wait it out till the government gets their pants back on. Grin

The only question is how long one would have to keep their coins in limbo in a wallet before being able to spend, because many of you are freelancing on bitcoin payments. Embarrassed

You have answered your own question here in the bolded part.
Even thought the government will now have all the data from Binance, people will still be trading on binance just because they don't have many other options yet.
Although there are few other international exchanges to use but none of them are as good as binance to be honest.
That being said, it has just become a matter of prority now for the individuals.

Kucoin thought that becoming FIU compliant will help them gain more Indian users. Unfortunately that did not go well with the existing Indian user base. To which they had to launch an airdrop campaign worth $50k for inviting users to their telegram channel, which ran from 28th of April till 12 of this month. That did not go well as planned and now they are offering upto 400% APR in USDT. Binance might have to go through the same stage as more and more Indian users are now shifting their base to exchanges like Bybit.

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May 17, 2024, 11:47:59 AM
 #33



Kucoin thought that becoming FIU compliant will help them gain more Indian users. Unfortunately that did not go well with the existing Indian user base. To which they had to launch an airdrop campaign worth $50k for inviting users to their telegram channel, which ran from 28th of April till 12 of this month. That did not go well as planned and now they are offering upto 400% APR in USDT. Binance might have to go through the same stage as more and more Indian users are now shifting their base to exchanges like Bybit.

I am not sure about the reason why Kucoin is organizing exclusive campaign for Indian users. I am not bothered too as I don't use Kucoin exchange nor I plan to do. I was using Binance but as soon as they stoop towards the Indian government demands I have stopped using the exchange. I have heard about Bybit and I know they do ask to pass KYC which for me is not good as I don't trust an international exchange with my docs. I am happy with Mexc and I am planning to continue using their services for trading purpose which is bear minimum.

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