The world's largest centralized crypto exchange (CEX) Binance faced a demand from the Tax Service of India to pay $86 million. Last week, government officials in Ahmedabad issued a corresponding notice in connection with suspicions of violation of tax legislation. It is alleged that the exchange did not pay taxes on the commissions it charged from customers from July 2017 to March 2024.

Binance's tax demand in India highlights the growing regulatory scrutiny on cryptocurrency exchanges worldwide. It underscores the importance of adhering to tax laws in the evolving crypto landscape.