Binance, one of the largest cryptocurrency exchanges, has been identified as the biggest culprit of Goods and Service Tax (GST) evasion among registered cryptocurrency exchanges in India. The Indian Finance Ministry reported that a Binance Group company, Nest Services Limited, evaded GST amounting to around $85 million, making it the largest contributor to the total evasion of $96 million identified by the ministry. The second biggest GST evader was WazirX, which lost $235 million in a hack earlier this year and was found to have evaded $5.5 million in taxes. The government has managed to recover a total of around $13.3 million from all entities combined, but no recovery has been made from the Binance-linked entity. Binance has appointed a representative to address the tax evasion issue and has been helping Indian law enforcement in combating illicit activities.



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