Binance's chief executive officer (CEO) and founder Changpeng Zhao has reportedly called India an unfriendly crypto environment in a stinging rebuke.
Zhao blamed the current Indian market on the high taxation regime, claiming that it was not a viable proposition for global players. "If you're going to tax 1% on each transaction, there won't be that many transactions," he said. Zhao also dismissed claims that Binance saw less potential in the country as a result of its problems with WazirX. Earlier this month, Zhao stated that high taxes on cryptocurrency transactions in India could potentially "kill the industry."