So hang on, if someone with an Indian registered address on Binance makes a trade, Binance is expected to skim off 1% and hand it to the Indian government, have i got that right?
It does sound a bit unproductive!
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Yes that was the intention, but I am not sure if foreign exchanges will have this option, but all the Indian exchanges have to follow it.
It is unproductive as well as will make people go away from this space.
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It's bonkers!