Topic: Binance Exchange is coming back to India. (Read 250 times)
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.
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.
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.
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.
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.
^ 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.
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
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.
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.
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.
So officially now Binance became the second International crypto exchange to become FIU complaint after Kucoin.
Do you see this as Good?
IMO this is going to affect who traded prior to the blanket ban now will be scared of tax authorities knocking their doors but kind of positive for upcoming new users which will give better experience than Indian exchanges mainly because more liquidity, more trading pairs,etc.
Do you see this as Good?
IMO this is going to affect who traded prior to the blanket ban now will be scared of tax authorities knocking their doors but kind of positive for upcoming new users which will give better experience than Indian exchanges mainly because more liquidity, more trading pairs,etc.
Unofficially the government has initiated the process of regulating exchanges which means crypto regulation has been initiated. Now it won't be easy for anyone to escape TDS like it used be earlier. Even though there are international exchanges that still are not FIU compliant but they don't have the kind of volume like Binance has for now.
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.
So officially now Binance became the second International crypto exchange to become FIU complaint after Kucoin.
Do you see this as Good?
IMO this is going to affect who traded prior to the blanket ban now will be scared of tax authorities knocking their doors but kind of positive for upcoming new users which will give better experience than Indian exchanges mainly because more liquidity, more trading pairs,etc.
The news of CZ getting arrested no longer is a concern since it has been sorted and Binance has moved on from CZ and distances themselves from him. But the real question remains the same like if Binance agrees on the policy of Indian government and what if gradually they force every exchange to charge the TDS and tax like they do for Indian exchanges?
Agreed tha Binance has distanced itself from CZ and now it is not of any concern. Unless Binance agreed to government policies it couldn't have been allowed to operate in India. Since they have not come up with an announcement like Kucoin did I think there is something brewing between them and the government of India which might be more than about FIU compliance. Apart from TDS and tax it is possible that the government is asking for past data as Income tax returns if not filled from 2022 with all the required information is a criminal offence. If Binance agrees the a lot of community members will be getting IT demand letters.
Binance is a huge exchange and has a huge userbase of Indian users. They had to agree with the Indian policies otherwise they would lose a huge chunk from their user base.
Now that they have agreed to the policies we need to see how soon we get the access back to binance app on playstore and the website.
But the matter of concern is that police have arrested CZ which is a real convern, not sure whats gonna happen next.
Now that they have agreed to the policies we need to see how soon we get the access back to binance app on playstore and the website.
But the matter of concern is that police have arrested CZ which is a real convern, not sure whats gonna happen next.
I am concerned why haven't they not announced about their comeback through their social handles. They should have done that in the same manner as Kucoin did earlier. This news was published in the main stream economic media, which only quote what their sources confirm . Somehow I feel either the deal with the government has not gone through or again the media published a disinformation to create another viral news for the crypto community.
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The news of CZ getting arrested no longer is a concern since it has been sorted and Binance has moved on from CZ and distances themselves from him. But the real question remains the same like if Binance agrees on the policy of Indian government and what if gradually they force every exchange to charge the TDS and tax like they do for Indian exchanges?
Binance is a huge exchange and has a huge userbase of Indian users. They had to agree with the Indian policies otherwise they would lose a huge chunk from their user base.
Now that they have agreed to the policies we need to see how soon we get the access back to binance app on playstore and the website.
But the matter of concern is that police have arrested CZ which is a real convern, not sure whats gonna happen next.
[/quote]
I am concerned why haven't they not announced about their comeback through their social handles. They should have done that in the same manner as Kucoin did earlier. This news was published in the main stream economic media, which only quote what their sources confirm . Somehow I feel either the deal with the government has not gone through or again the media published a disinformation to create another viral news for the crypto community.
Now that they have agreed to the policies we need to see how soon we get the access back to binance app on playstore and the website.
But the matter of concern is that police have arrested CZ which is a real convern, not sure whats gonna happen next.
[/quote]
I am concerned why haven't they not announced about their comeback through their social handles. They should have done that in the same manner as Kucoin did earlier. This news was published in the main stream economic media, which only quote what their sources confirm . Somehow I feel either the deal with the government has not gone through or again the media published a disinformation to create another viral news for the crypto community.
I came across the news in the Economic Times where they mentioned that Binance has agreed to all the terms and conditions of the Indian government. They will now be FIU compliant and will adhere to the tax regulations of the Indian government. Time for me to move to another International exchange which is not bowing down to the pressure of the Indian government.
Binance will be paying a penalty of $2 million to the government of India which does not look okay as the penalty is less. I might be speculating here but I think they have come up with some kind of understanding with the government to pay a low penalty which we will see in the future if we receive and many other Indian users receive a demand letter from the Income Tax department.
An official announcement by Binance is yet to be made.
Binance will be paying a penalty of $2 million to the government of India which does not look okay as the penalty is less. I might be speculating here but I think they have come up with some kind of understanding with the government to pay a low penalty which we will see in the future if we receive and many other Indian users receive a demand letter from the Income Tax department.
An official announcement by Binance is yet to be made.
Binance is a huge exchange and has a huge userbase of Indian users. They had to agree with the Indian policies otherwise they would lose a huge chunk from their user base.
Now that they have agreed to the policies we need to see how soon we get the access back to binance app on playstore and the website.
But the matter of concern is that police have arrested CZ which is a real convern, not sure whats gonna happen next.
This is something new that I have never experienced with local Indian exchange. Surprisingly, I got an airdrop of a certain token from an Indian exchange worth INR 2000. I never expected that to happen, as I was not that worthy to get those tokens, since I do not trade that often.
I was aware that they were running a promotion contest as IPL-2024 started. Based on the number of runs scored and for those trading within the IPL schedule they were alo0cating the tokens.
I have never looked into such kind of contest in Indian exchanges as there are too many conditions required to qualify. To my surprise, Indian exchange is now offering something that International exchanges cannot offer anymore.
I feel it is the right time to check offers provided by any Indian exchange. I also feel this is the right time to participate in casual trading as I have been doing on that particular local exchange.
I was aware that they were running a promotion contest as IPL-2024 started. Based on the number of runs scored and for those trading within the IPL schedule they were alo0cating the tokens.
I have never looked into such kind of contest in Indian exchanges as there are too many conditions required to qualify. To my surprise, Indian exchange is now offering something that International exchanges cannot offer anymore.
I feel it is the right time to check offers provided by any Indian exchange. I also feel this is the right time to participate in casual trading as I have been doing on that particular local exchange.
that really sucks already all sellers charging 12% premium above market price
At this rate buyin crypto in india sucks.
Rather buy from foreigners for preev rates. and sell in India n become rich
At this rate buyin crypto in india sucks.
Rather buy from foreigners for preev rates. and sell in India n become rich
Indian traders doing this for a while since the introduction of 30% crypto tax but ever since FIU hammered international exchanges to shut down their operations until they comply all the regulations framed the traders can risk their trading capital to make small money or just choose the Indian exchanges with exorbitant tax rates.
Arbitrage requires huge capital and someone trusted from another country then as you said it's possible to make tons of money from buying on international exchange then move to Indian exchange, sell it for INR then wire INR to the trusted person to buy BTC and repeat the process infinitely.
I feel after agreeing to the terms and conditions of the Indian government they will lose users. Already there is a lot of issues with Binance P2P service for India. Bank account freeze are quite common when using the P2P service and now after agreeing to Indian government policies they will lose users who were using the exchange for saving tax. I think most of us were using international exchanges for only one purpose and that was tax saving. I feel rather than making money from India they will lose money
I have different point of view, if new investors are entering into the market then probably their first choice will be trading or atleast buying from Binance which is inevitable that increases the liquidity for sure. But in my opinion still trading on the p2p like Paxful seems to be the best option even though we have to pay 1% trading fee we can find deals that covers the fee and in total we can nullify trading cost but as said day trading is no more profitable if 1% TDS is in place.
Why would a new investor register on Binance when he knows taxation would be like a local exchange. Anyways you have a point that can be only verified after a few months. Another important aspect of crypto is that most new investors join this business only when they hear good outcomes from this industry through a friend or a family. They will be informed about the tax structure and they will know how to find a loophole. Earlier they used Binance as it was an easy way to hide 1% TDS now it will not be the recommended exchange. I am not against tax but I think 1 % TDS is not justified.
still the government is giving your people a good chance to use the good exchange where there are plenty of users and high liquidity. as long as binance will pay for the operation in your country, i think this is a piece of good news for all.
the tax issue is within your government. all governments today i think is looking for ways to make money and they may just find the big spender. afaik, that $2M is not yet final, i think they could squeeze more from binance as they are willing to comply.
Yes, to an extent this can be considered as a good news wherein the government unofficially has now started implementing long awaited regulations but the primary issue is the tax. For any trader, freelancer and employee who deals in crypto will have to pay higher taxes than those dealing in fiat.
that really sucks already all sellers charging 12% premium above market price
At this rate buyin crypto in india sucks.
Rather buy from foreigners for preev rates. and sell in India n become rich
At this rate buyin crypto in india sucks.
Rather buy from foreigners for preev rates. and sell in India n become rich
I feel after agreeing to the terms and conditions of the Indian government they will lose users. Already there is a lot of issues with Binance P2P service for India. Bank account freeze are quite common when using the P2P service and now after agreeing to Indian government policies they will lose users who were using the exchange for saving tax. I think most of us were using international exchanges for only one purpose and that was tax saving. I feel rather than making money from India they will lose money
I have different point of view, if new investors are entering into the market then probably their first choice will be trading or atleast buying from Binance which is inevitable that increases the liquidity for sure. But in my opinion still trading on the p2p like Paxful seems to be the best option even though we have to pay 1% trading fee we can find deals that covers the fee and in total we can nullify trading cost but as said day trading is no more profitable if 1% TDS is in place.
Why would a new investor register on Binance when he knows taxation would be like a local exchange. Anyways you have a point that can be only verified after a few months. Another important aspect of crypto is that most new investors join this business only when they hear good outcomes from this industry through a friend or a family. They will be informed about the tax structure and they will know how to find a loophole. Earlier they used Binance as it was an easy way to hide 1% TDS now it will not be the recommended exchange. I am not against tax but I think 1 % TDS is not justified.
still the government is giving your people a good chance to use the good exchange where there are plenty of users and high liquidity. as long as binance will pay for the operation in your country, i think this is a piece of good news for all.
the tax issue is within your government. all governments today i think is looking for ways to make money and they may just find the big spender. afaik, that $2M is not yet final, i think they could squeeze more from binance as they are willing to comply.
I never thought that they would resort to such a level, but I guess they needed the money. What about the common P2P scams involving the Binance Exchange in India? Will those who are experiencing frozen bank accounts receive any help? I doubt that anything will be done about it, and the government is more concerned with people like us. I am convinced that the situation will change in the future. If anyone thinks otherwise, feel free to reply. But before that, let's not forget that we are moving towards centralization, which goes against the very concept of Bitcoin.
That's what I fear about because Bitcoin was created for anonymity and decentralisation but gradually if the top exchanges starts adhering or bowing down in front of government's demands which also requires them to share the user database with them with transactions then there is no use of being associated with the exchange and Binance being such big exchange cannot risk losing customers and putting their database at risk hence I guess there would be some sort of changes between the initial demand of government and what Binance is trying to work out.
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