At the TechCrunch Crypto Conference, Zhao was presenting.
In India, Binance is still looking for business prospects.
The CEO of Coinbase has expressed dissatisfaction with Indian cryptocurrency laws.

Industry participants that are considering international expansion do not appear to be pleased with India's crypto-cautious stance. The CEO of Binance, Changpeng Zhao (CZ), has cited India's tax laws regarding the cryptocurrency industry as the reason why it is not a feasible economic environment for exchanges to open their doors.

The comments made by Zhao were made on November 17 at the TechCrunch Crypto Conference. In addition to a one percent TDS decrease on all cryptocurrency transactions, India sets a 30 percent tax deduction regulation on any earnings generated from crypto operations. In his address, Zhao claimed that India is not a country that is supportive of cryptocurrencies.

'Today, we don't see any successful businesses in India. A person may make 50 trades every day and still lose about 70% of their capital. There won't be that many transactions if you impose a 1 percent charge on every transaction.

A form of exchange with an order book won't have any volume. We don't travel to nations where we won't have a viable business, or any business at all, Zhao was cited as stating in a TechCrunch article.

Zhao has nonetheless reaffirmed his belief that India has the potential to develop into a lucrative market for cryptocurrency traders. As of August of this year, Binance had downloaded 429,000 times in India, outpacing all other exchanges.

The 2017-founded cryptocurrency exchange aspires to hold the most licences of any cryptocurrency exchange in the world. In a July interview, Binance Labs' investment director, Ken Li, stated that the company was closely watching the Indian industry in order to seize profitable business prospects.

However, Zhao is not the only well-known figure in the global cryptosphere to have criticised India for not generally adopting a crypto-friendly attitude. Brian Armstrong, the CEO of Coinbase, had claimed in May that the Reserve Bank of India (RBI) had put implied pressure on the exchange to remove specific features.

Coinbase stated in April that Indians would be able to use the UPI, the country's own digital payment system, to buy cryptocurrency assets on its platform. The government deemed the introduction of this feature 'unrecognised,' which resulted in its suspension from the Coinbase app.