Binance Gains as Crypto Tax Crushes Indian Exchanges

– As crypto exchanges in India shed traders after the crypto tax introduction, Binance has been exclusive among top platforms in growing its usership.

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– While many domestic and foreign exchanges have started deducting the levy, Binance has not, consequently drawing spurned users.

– Unlike Binance, most crypto exchanges saw user numbers drop from July to Aug., but especially since the beginning of the year.

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- Almost triple the amount of runner-up CoinDCX, downloads of the Binance app in India amounted to 429,000 in Aug., the highest so far this year.

Since the 1% tax on crypto transactions, known colloquially as the TDS, was introduced in July, daily volumes at key India-based platforms have plummeted 90%.