India's Binance Downloads surpasses other foreign exchanges, with a total of 430,000 mark

India's Binance Downloads surpasses other foreign exchanges, with a total of 430,000 mark ...

After home-grown thieves discovered themselves embroiled in legal difficulties in India, the crypto community in India appears to be tapping into international crypto exchanges. Binance, the US-based crypto exchange headed by Changpeng Zhao, has reached 429,000 downloads in India as of August this year. With this, the international cryptocurrency exchange has surpassed its competitors Coinbase, FTX, and CoinMarketCap among others, in terms of obtaining downloads from Indian investors. Sensor Tower has revealed the details.

The development comes days after Binance CEO Zhao claimed that it does not complete own WazirX, a Chinese currency probed in India. At the time. Zhao had argued that it did have a right to stand down WazirX, and asked Indian users to migrate to the main Binance platform to facilitate exchange.

While Binance''s India-centric userbase has increased, WazirX''s monthly downloads have decreased from about 56,000 in January, according to a Bloomberg report.

This year, Indian crypto investors have been subjected to a tax regime. Since April, members of the community have paid a 30 percent tax on virtual digital assets.

India issued a one-per cent tax deduction for each cryptocurrency transaction, including every purchase and deposit of crypto assets.

CoinDCX downloads slowed from 2.2 million in January to 163,000 in August, while Coinbase downloads slowed from 31,000 in June.

  • After Kenya, Near Foundation to Launch Web3 Hub in India

According to Bloomberg, Binance has become the most downloaded international crypto exchange with its low fees, varied offerings, and a reputation as a popular peer-to-peer marketplace for facilitating exchanges.

The crypto exchange, which was established in 2017, is attempting to become the world''s most legally licensed cryptocurrency exchange.

The company has already received operational licenses in Kazakhstan, France, and the United Arab Emirates.

Ken Li, the investment director at Binance Labs, had told Gadgets 360 in an interview that the company was actively monitoring the Indian market in order to gain lucrative business opportunities.