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Income Tax Department probes offshore Binance wallets for unreported crypto gains
The Indian tax authority is investigating 400+ Binance accounts for hidden crypto income, tightening oversight on offshore transactions.
India’s Income Tax Department has intensified its probe into offshore Binance wallets linked to over 400 high-net-worth individuals accused of concealing cryptocurrency profits from FY 2022–23 to FY 2024–25. The investigation focuses on foreign transactions and potential tax evasion through global exchanges. Officials said stricter reporting requirements for virtual digital assets are being drafted, signaling tighter compliance norms as India ramps up regulation of cross-border crypto activities.