Zhao Changpeng: Due to strict tax regulations, Binance will not expand its business to India

According to Chaincatcher, as reported by Bitcoin.com, Binance CEO Changpeng Zhao stated at the recent Techcrunch Crypto conference that India's environment is not friendly to cryptocurrency, and he is particularly frustrated with the cryptocurrency tax regime implemented by the Indian government earlier this year. In addition to a 30% tax on cryptocurrency profits, the country has also implemented a 1% Tax Deducted at Source (TDS).

Zhao stated, "We are having conversations with some industry associations and influential people, and trying to incorporate some logic into it. We are working hard to convey this message, but tax policies usually take a long time to change." (Bitcoin.com)