Binance is the spirit of the crypto currency markets world wide. It is the spirit of decentralization. Without Binance, the currencies like Hive are illiquid.
The latest to attack Binance was India. This time the revenue authorities have penalised Wazirx for non payment of the Goods and Services Tax (VAT Equivalent in India). But the sad thing is yet to come. The revenue authorities did not stop at Binance subsidiary, they went one step further and started investigating all the major crypto currency exchanges in India.
Initially, the government authorities were chasing the exchanges for violations of their anti money laundering laws. Wazirx is under scrutiny for non compliance with the government norms.
According to Indian Laws, all these companies provide facilitation intermediary services for buying and selling of crypto coins. These services attract GST rate of duty of 18 per cent.
However, none of the major exchanges including Wazirx, Coinswitch Kuber and CoinDCX were paying to government. This probably caused a great damage to the government treasury and the government has heavily come down on all these companies operating in #india.