Income Tax Department Said to Target Over 400 Wealthy Binance Traders in Major Tax Evasion Crackdown

The tax authorities have launched an extensive investigation into over 400 wealthy Binance users for possible tax evasion between 2022 and 2025. Officials are examining peer-to-peer trades and payments via banks, Google Pay, and cash. Binance’s re-entry in 2024, following a $2.25 million (Rs. 20 crore) fine and registration with the FIU, has given authorities access to user data, helping them identify suspicious activity and ensure compliance with India’s strict crypto tax regime.