Cryptocurrency Traders Flee Indian Exchanges for Binance to Escape Taxes

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-upCoinDCX, data from market intelligence firm Sensor Tower show. Only Binance among the top exchanges achieved higher downloads in India compared with July.