The Chief Executive Officer of Binance Holding Limited, Changpeng Zhao “CZ” Changpeng, said India’s difficult taxes on cryptocurrency transactions are predictable to “kill the industry” there.

“India has witnessed high taxes, which is probably going to kill the industry,” Zhao said in live-streamed remarks during the panel at a Fintech consultation in Singapore on Thursday.

Zhao’s comments add to a liturgical prayer of warnings on the viewpoint for India’s crypto industry, just after the Government in this year had introduced a tax package that instigated trading volumes to disappear. Instead of announcing comprehensive regulations, India has selected heavy taxes on capital gains and transactions to restrain the business.

ZebPay, being one of the oldest crypto exchanges of India, is looking externally for growth, CEO Avinash Shekhar said last month, adding that the 1% transaction tax “has to come down from its pace, or otherwise things are never going to improve.”

The belongings of this taxation regime were seen in India’s Crypto Exchanges, too, after it was effective from July 1. For instance, on WazirX, the largest crypto exchange of India by volume, data from Crypto market tracker Crebaco Global, obtained by media report, exhibited a drop in average daily transaction capacity from $10.3 million in June this year to $2.8 million in July 2022, having a decline of 73%.

Considering September month this year, WazirX’s everyday average transaction volume had released to $1.2 million, down by 88% before the application of India’s tax on cryptocurrency transactions.