PANews reported on October 12th that according to The Block, Indian tax authorities are investigating more than 400 high-net-worth Binance traders for suspected tax evasion in 2022-23 and 2024-25. The Central Board of Direct Taxes has issued an internal message asking city departments to report on any related actions by October 17th.

Cryptocurrency traders in India are required to pay a 1% withholding tax on each cryptocurrency transfer (included in the final bill), plus a 30% profit tax and additional taxes, with the highest tax rate reaching around 42.7%.