India demands $86M from Binance in unpaid GST taxes

Binance faces a demand for nearly $86 million in unpaid GST from Indian authorities, aiming to resume operations after a previous ban.

Indian law enforcement agencies have demanded 722 crore Indian rupees ($86 million) in unpaid taxes from crypto exchange Binance.

Binance, along with numerous other offshore crypto exchanges, was banned in India in January 2024 for noncompliance with local regulations. However, in April, Binance revealed its intent to restart its crypto trading operations in the region after paying pending taxes.

On Aug. 6, the Directorate General of Goods and Service Tax Intelligence (DGGI) — an Indian law enforcement agency — demanded 86 million from Binance under the Goods and Services Tax (GST), according to The Times of India. A local source cited in the report said:

“Binance reportedly earned at least Rs 4,000 crore from transaction fees charged to Indian customers. Detailed investigation revealed that the earnings of these fees were credited to the account of a Binance Group Company — Nest Services Limited — based in Seychelles”
The DGGI notice to Binance is the first tax demand levied by the Indian government on any crypto exchange.

Additionally, Indian authorities sent email notices to Binance offices in Seychelles, the Cayman Islands and Switzerland, which the crypto exchange ignored. However, Binance later appointed a local counsel to officially resolve its tax obligations.

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