Binance thrives during market downturn with record $2 billion inflows despite India tax probe

Binance CEO Richard Teng revealed that the speech saw grounds inflows and 1 of its highest trading volumes this twelvemonth arsenic investors panicked successful the jittery marketplace connected Aug.5

Teng wrote:

“Amid the macroeconomic clime and yesterday’s marketplace downturn, Binance recorded a nett inflow of $1.2 cardinal successful the past 24 hours, according to DefiLlama’s CEX Transparency metrics.”

According to DeFillama data, Binance’s inflows had climbed to much than $2 cardinal arsenic of property time, which is 5x higher than its closest rival, Bybit.

Meanwhile, these numbers are not surprising, considering Binance is the largest crypto speech by trading measurement and controls astir 50% of the market, according to Kaiko data. Nevertheless, Teng stated that the important inflow to the speech reflected beardown capitalist assurance successful the platform.

On Aug. 5, the planetary banal and crypto markets faced significant declines arsenic a surge successful the Japanese yen led to a accelerated unwinding of transportation trades. This displacement accelerated a sell-off, resulting successful important losses for investors holding important integer assets similar Bitcoin and Ethereum.

Tax situation successful India

Despite its beardown marketplace performance, Binance is navigating important taxation issues successful India.

Reports from The Times of India showed that the Directorate General of Goods and Service Tax Intelligence (DGGI) demanded 722 crore Indian rupees ($86 million) from Binance for unpaid Goods and Services Tax (GST).

According to the report, Binance generated 4,000 crore Indian rupees (over $400 million) from Indian clients. These funds were credited to Nest Services Limited, a Binance Group entity based successful Seychelles.

Indian taxation authorities sent notices to Binance offices successful Seychelles, the Cayman Islands, and Switzerland. Initially, these were ignored, but Binance has present appointed a section lawyer to code the taxation issues.

Meanwhile, this lawsuit marks the archetypal clip the Indian taxation authorities person targeted a crypto steadfast with specified ceremonial notices.

The station Binance thrives during marketplace downturn with grounds $2 cardinal inflows contempt India taxation probe appeared archetypal connected CryptoSlate.