Binance: Major changes in Crypto Deposit and Withdrawal for India

[rakesh1_90]

~
The whole concept has been manipulated and changed. Thank god they cannot control the DEX, and if they do try, they cannot control it. I have been using DEX for a long time, as long as they do not ask for KYC. I stopped using CEX since the day they made KYC mandatory. Yes, they can, but as per my understanding, the Indian government is more concerned with USDT inflow and outflow. They have already stopped privacy-focused cryptos from being listed on local and international CEXs.

The government is trying hard to make things difficult for users in India. Today, the government banned the following services in India: Weex, Blofin, Rezorex, Bitunix, DigiFinex, Toobit, XT.com, Latoken, WOO X, Pionex, ChangeNow, SimpleSwap, Fixedfloat, WhiteBIT, and Guardarian. In fact, my ISP has already blocked these sites.
The P2P market is heavily monitored by the government, and they have infiltrated these spaces.
Source: India’s financial intelligence unit flags 15 crypto platforms for AML lapses

I am no longer surprised. Pattern followed by govt and FIU-IND is quite like Tom & Jerry. Two years ago, action was taken against major CEX, including Binance and KuCoin. Binance was even blocked in India.
What happened next?
Binance paid fine of approximately $2.25 million. It registered with FIU-IND and returned to domestic market after complying with AML/KYC rule.

Now, two year later, they have cracked down on another 15 service.
Have you noticed the shift this time?
They aren't just banning standard CEX. This time, they are directly targeting non-custodial instant swap service.
That is because authority have realized that we’ve changed our method! 

Local exchange were effectively strangled by 30% tax and 1% TDS. Consequently, we turned to offshore CEX. When pressure mounted there as well, we shifted towards non custodial swap and stablecoin. Such as purchasing and spending gift card using USDT.
Now, attempts are being made to close off these avenue too.

Instead of introducing any sensible tax policy & crypto friendly legislation, they are just playing Tom & Jerry of ban and notice. They force us toward offshore platform, and then complain that 90% of India trading volume has moved abroad! wtf

[pawanjain]

I am no longer surprised. Pattern followed by govt and FIU-IND is quite like Tom & Jerry. Two years ago, action was taken against major CEX, including Binance and KuCoin. Binance was even blocked in India.
What happened next?
Binance paid fine of approximately $2.25 million. It registered with FIU-IND and returned to domestic market after complying with AML/KYC rule.

Now, two year later, they have cracked down on another 15 service.
Have you noticed the shift this time?
They aren't just banning standard CEX. This time, they are directly targeting non-custodial instant swap service.
That is because authority have realized that we’ve changed our method!  

Local exchange were effectively strangled by 30% tax and 1% TDS. Consequently, we turned to offshore CEX. When pressure mounted there as well, we shifted towards non custodial swap and stablecoin. Such as purchasing and spending gift card using USDT.
Now, attempts are being made to close off these avenue too.

Instead of introducing any sensible tax policy & crypto friendly legislation, they are just playing Tom & Jerry of ban and notice. They force us toward offshore platform, and then complain that 90% of India trading volume has moved abroad! wtf

That government has been pissing off the crypto community for quite some time now.
Future is not so bright for crypto users in India and it's better to avoid using these centralized platforms for the time being.

P.S: Just noticed that you are back on this forum after 9 years, welcome back, what took you so long ?

[Cointikka]

That government has been pissing off the crypto community for quite some time now.
Future is not so bright for crypto users in India and it's better to avoid using these centralized platforms for the time being.

P.S: Just noticed that you are back on this forum after 9 years, welcome back, what took you so long ?

LOL! You think that the government is pissing off the crypto community only   Think about the communities that acted like a mafia with their influence. The so-called Thakrey family, without the OG Don Bal Thackeray. They are one of the biggest illegal substance lords of Maharashtra. They are now out of the political scene because of the deceased kingpin.

I still remember Sunil Dutt going to his residence for his son's bail and removal from the TADA Act. It is available on Google.

This is the reason why the Shiv Sena got divided because they were using crypto funds to fund their organization. Do you not see that in Kashmir the Terror has now been subdued? It all happened after the government made some stringent laws.

I do not like this government economically because they made my side earnings unsustainable after 2022. Yet, I still feel that this government has worked on a lot of loopholes. There are still a few, as per my knowing, and they, as in the government, will need a lot of effort to curb or stop them from being active.

[pawanjain]

That government has been pissing off the crypto community for quite some time now.
Future is not so bright for crypto users in India and it's better to avoid using these centralized platforms for the time being.

P.S: Just noticed that you are back on this forum after 9 years, welcome back, what took you so long ?

LOL! You think that the government is pissing off the crypto community only   Think about the communities that acted like a mafia with their influence. The so-called Thakrey family, without the OG Don Bal Thackeray. They are one of the biggest illegal substance lords of Maharashtra. They are now out of the political scene because of the deceased kingpin.

I still remember Sunil Dutt going to his residence for his son's bail and removal from the TADA Act. It is available on Google.

This is the reason why the Shiv Sena got divided because they were using crypto funds to fund their organization. Do you not see that in Kashmir the Terror has now been subdued? It all happened after the government made some stringent laws.

I do not like this government economically because they made my side earnings unsustainable after 2022. Yet, I still feel that this government has worked on a lot of loopholes. There are still a few, as per my knowing, and they, as in the government, will need a lot of effort to curb or stop them from being active.

Well obviously if we talk from that perspective then the government has pissed off so many people from various groups.
But since we're talking about crypto community specifically I think the government hasn't shown any mercy to crypto users as well.
The most absurd flat 30% tax followed by 1% TDS and no offsetting losses is what troubles the most to crypto users in India.

[Cointikka]

UPI soon in the US! It can happen by the end of this year, according to this article.

Bank of America works on Zelle-UPI bridge for cross-border payments,

This will greatly help NRIs living in the US, but what about the flux of NRIs who are coming back to India? Due to significantly high job losses, and today itself, a good number of IT guys from Oracle lost their jobs again due to AI. Then we have Trump's weird policies, which are making life hard for NRIs because red necks think Indians are taking their jobs and their land.

Another point is that the government will not allow UPI to be added to crypto exchanges but will allow it to go to the US, which has said in the past that the Indian UPI system is not that good and that it gives an unfair advantage over American payment networks.

[henmark]

That government has been pissing off the crypto community for quite some time now.
Future is not so bright for crypto users in India and it's better to avoid using these centralized platforms for the time being.

P.S: Just noticed that you are back on this forum after 9 years, welcome back, what took you so long ?

LOL! You think that the government is pissing off the crypto community only   Think about the communities that acted like a mafia with their influence. The so-called Thakrey family, without the OG Don Bal Thackeray. They are one of the biggest illegal substance lords of Maharashtra. They are now out of the political scene because of the deceased kingpin.

I still remember Sunil Dutt going to his residence for his son's bail and removal from the TADA Act. It is available on Google.

This is the reason why the Shiv Sena got divided because they were using crypto funds to fund their organization. Do you not see that in Kashmir the Terror has now been subdued? It all happened after the government made some stringent laws.

I do not like this government economically because they made my side earnings unsustainable after 2022. Yet, I still feel that this government has worked on a lot of loopholes. There are still a few, as per my knowing, and they, as in the government, will need a lot of effort to curb or stop them from being active.

Well obviously if we talk from that perspective then the government has pissed off so many people from various groups.
But since we're talking about crypto community specifically I think the government hasn't shown any mercy to crypto users as well.
The most absurd flat 30% tax followed by 1% TDS and no offsetting losses is what troubles the most to crypto users in India.

I think paying the 30% + 1% is not an issue but the main thing that bother me is that our government can freeze money involved with cryptos with no prior intimation. Like, they can just lock us out of our own money. This is what makes me feel that government here is really against cryptos even if they should a few positive signs. Platforms like Binance are fully compliant and registered with FIU-IND so they can place our accounts on hold with just a single notice from the authorities.

So not just our bank accounts but even our trading accounts are no longer safe. Things are getting more complicated for crypto users as time passes. I can only pray that there is no sudden news regarding cryptos one morning like the one we saw with denomination.

[Cointikka]

I think paying the 30% + 1%

Agreed, not everyone is a trader and earning profits. Most of the cryptocurrency user are those who are working as freelancers or are investing to gain good returns in the long term.

that our government can freeze money involved with cryptos with no prior intimation. Like, they can just lock us out of our own money. This is what makes me feel that government here is really against cryptos even if they should a few positive signs. Platforms like Binance are fully compliant and registered with FIU-IND so they can place our accounts on hold with just a single notice from the authorities.

I have not come across a user's account on Binance being placed on hold unless it is related to criminal activities or any bank account. That is why FIU is needed, because India is surrounded by countries from East to West that want its destruction. Before 2014, we were getting bombed every other month by terrorists as of now we hardly see anything like that. We are also seeing fewer terrorist activities in Kashmir and most importantly, we do not have any red terrorists.

[pawanjain]

I think paying the 30% + 1% is not an issue but the main thing that bother me is that our government can freeze money involved with cryptos with no prior intimation. Like, they can just lock us out of our own money. This is what makes me feel that government here is really against cryptos even if they should a few positive signs. Platforms like Binance are fully compliant and registered with FIU-IND so they can place our accounts on hold with just a single notice from the authorities.

So not just our bank accounts but even our trading accounts are no longer safe. Things are getting more complicated for crypto users as time passes. I can only pray that there is no sudden news regarding cryptos one morning like the one we saw with denomination.

30% flat tax and 1% TDS might not be an issue to you but it sure pisses me off and probably many others.
Why should we pay this tax to the government ? What's the government's roll in this ?
They aren't doing anything for Indian crypto community to make their life easier.
There stands no reason for them to collect upright tax from crypto users in India.

[Cointikka]

Why should we pay this tax to the government ? What's the government's roll in this ?

Yaar bhai! Why should the government then get fuel imported for you? Kuch to bhi! If you had written, "Why do we pay high tax?" then it would have been a different issue. You're way too far to the left and don't know how to write/speak like RG.

They aren't doing anything for Indian crypto community to make their life easier.
There stands no reason for them to collect upright tax from crypto users in India.

Your questions are like, Why is my company not paying me enough for my efforts  .  If you are working, then you should know the answer!