Binance Challenges India’s $86 Million Tax Filing

Binance, the world’s largest cryptocurrency exchange, has “challenged” a tax notice from India’s Directorate General of Goods and Services Tax Intelligence (DGGI) for around $86 million.

The person briefed on the matter said that DGGI’s division, based in the western city of Ahmedabad, had last week issued a warning to Binance for collecting fees from Indian customers trading on its platform. The period during which the tax was not paid was reportedly between July 2017 and March 2024.

DCGI operates under the jurisdiction of the Ministry of Finance.

“We are cooperating with the Indian authorities. We would like to clarify that Binance is and has always been committed to adhering to relevant local regulations,” a Binance spokesperson told CoinDesk in an emailed interview.

The Economic Times reported that Binance earned more than $476 million (₹4,000 crore) from trading fees transferred to Nest Services Limited, a Seychelles-based Binance Group Company.

DGGI, which has previously issued warnings to India-based crypto exchanges, has issued a statement against an international crypto exchange for the first time.