TechFlow news, on December 4, according to Cointelegraph, Pankaj Chaudhary, Deputy Minister of Finance of India, disclosed during a parliamentary inquiry session that the government has identified 17 cryptocurrency exchanges involved in goods and services tax (GST) evasion cases totaling $970 million. Among them, Binance was assessed $850 million, WazirX $4.8 million, CoinDCX $1.9 million, and CoinSwitch Kuber $1.7 million.
To date, WazirX has paid $5.8 million—20% more than the original assessment—including penalties and interest. However, some exchanges including Binance and Hyperux Technologies have not yet settled their tax dues. In response, a Binance spokesperson stated the company is actively cooperating with regulators and will properly address the relevant tax matters. WazirX said the tax violations stemmed from unclear GST regulations for cryptocurrencies in India's early regulatory framework.
