Binance CEO Richard Teng recently provided an optimistic update on the platform's performance, despite a tough macroeconomic environment and a market downturn the previous day. In a tweet, Teng revealed that Binance experienced a net inflow of $1.2 billion in the past 24 hours, according to @DefiLlama's CEX Transparency metrics. This influx marks one of the highest net inflow days of 2024, indicating strong investor confidence in Binance.
Record Trading Volumes and Market Trends
Source: DeFiLlama
Teng also mentioned that Binance saw one of its highest trading volumes of the year yesterday. This uptick in trading activity coincides with a rebound in major token prices, reflecting a positive shift in market trends. The combination of significant inflows and rising token values suggests that investor optimism remains robust, even in light of recent market challenges.
Binance Faces $86 Million Tax Notice in India
In other news, Binance is contesting a nearly $86 million tax showcause notice issued by India's Directorate General of Goods and Services Tax Intelligence (DGGI). The notice, which pertains to the period from June 2017 to March 2024, alleges that Binance collected fees from Indian customers trading on its platform.
The DGGI's Ahmedabad chapter issued this notice last week, marking the initial formal step when the authority suspects a tax rule violation. While DGGI has previously targeted Indian crypto exchanges, this appears to be the first instance of a showcause notice being issued to an international exchange. The DGGI, operating under the Ministry of Finance, is responsible for collecting, collating, and disseminating intelligence related to indirect tax evasion.
Binance's strong net inflows and record trading volumes reflect investor confidence despite regulatory and macroeconomic challenges. The ongoing tax dispute in India adds complexity to its future outlook.
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