Binance Holdings Ltd.'s billionaire Chief Executive Officer Changpeng Zhao is tightening his grip on India's market for cryptocurrency trading in the fallout from a major tax change.
Downloads of Binance's app in India jumped to 429,000 in August, the highest this year and almost triple that of runner-up CoinDCX, data from market intelligence firm Sensor Tower show. Only Binance among the top exchanges achieved higher downloads in India compared with July.
The operator of the world's largest crypto exchange stands out in a market where rivals are reeling from steep taxes and the difficulty of moving money in and out of trading venues. Daily volumes at key India-based platforms are down over 90% since a 1% tax on crypto transactions took effect in July.
While Zhao has outflanked competitors with low fees, varied offerings and a popular peer-to-peer marketplace that allows easier movement between tokens and cash, another factor is the contrast in the way foreign exchanges and those...
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INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...