Binance Exchange is coming back to India. - page 2.

Bitcoin Smith

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Quote from: Bureau on April 20, 2024, 05:30:18 AM

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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.

No matter what people will always go with the regulated platforms especially the newbies so there is huge market awaits for Binance since India is the most populated country and better in economics compared to other populated nations so 2 million is just a penny from their profits and I believe some settlement deals made under the table.

The reason why I said the user base will increase is just based on the outcomes of banning 9 international exchanges resulted in 2000% increase in the deposits on coindex and Wazirx.

TheUltraElite

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So anyway, I applied as a merit source :)

Quote from: Bureau on April 19, 2024, 04:40:58 AM

Binance will be paying a penalty of $2 million to the government of India which does not look okay as the penalty is less.

It is the lesser of the two evils. There is a huge market for crypto users in India and Binance has already felt this from the ban. They want to take it back and not lose the market to other competitors.

I think we should accept and move on with this instead of getting stuck on the centralization/loss of decentralization debate. Similar debate is common in the global section too but ultimately we need to trade our coins.

I hope this gradually leads to a better understanding between exchanges and the FIU and we see streamlined crypto transactions in the future.

Bureau

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Eloncoin.org - Mars, here we come!

Quote from: Bitcoin Smith on April 20, 2024, 04:35:39 AM

Quote from: Bureau on April 20, 2024, 03:11:34 AM

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.

Bitcoin Smith

sr. member

Activity: 910

Merit: 284

Quote from: Bureau on April 20, 2024, 03:11:34 AM

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.

Bureau

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Eloncoin.org - Mars, here we come!

Quote from: Bitcoin Smith on April 19, 2024, 02:42:03 PM

Quote from: pakhitheboss on April 19, 2024, 09:23:45 AM

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.

US did that first, UK then probably India forced Binance to comply all the laws which ofcourse be a burden for the users to pay such hefty tax but from their perspective they are here to make money so they have to do anything to operate and in country like India they won't be taking chances cause the potential of market is huge when most population of our country ages 30 or less which makes trading as good choice for them that will obviously plus for the exchanges.

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

Bitcoin Smith

sr. member

Activity: 910

Merit: 284

Quote from: pakhitheboss on April 19, 2024, 09:23:45 AM

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.

US did that first, UK then probably India forced Binance to comply all the laws which ofcourse be a burden for the users to pay such hefty tax but from their perspective they are here to make money so they have to do anything to operate and in country like India they won't be taking chances cause the potential of market is huge when most population of our country ages 30 or less which makes trading as good choice for them that will obviously plus for the exchanges.

pakhitheboss

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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.

Bureau

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Activity: 448

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Eloncoin.org - Mars, here we come!

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.

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