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.

A significant demand for taxes from Binance in India highlights the increasing scrutiny on crypto exchanges by governments worldwide. Compliance with tax regulations is crucial for the industry's legitimacy and long-term sustainability.