The Income-Tax department in India has launched scrutiny into offshore Binance wallets held by wealthy individuals.
Over 400 people are under investigation for allegedly hiding crypto profits from 2022-23 to 2024-25.
This move signals stricter enforcement of disclosure norms in the crypto space.
It may push many traders toward domestic, regulated exchanges.
The crackdown raises compliance risk for crypto investors.
Exchanges and wallets may face higher regulatory and report
ing burdens.
Authorities may uncover tax evasion or illicit flows.
The move could damp speculative behavior in offshore crypto assets.
Investors will watch announcements and audits after this wave.
This story reinforces that crypto gains aren’t “under the radar
” any longer.