Corruption Case Without Crypto? Binance CEO’s Stinging Comments

Jakarta, Pintu News – In a bribery case involving high-ranking Indian Tax officials, Changpeng Zhao (CZ), founder of Binance, made a comment that caught the public’s attention. Through a post on X, CZ highlighted that no crypto was involved in the case.

“There’s no crypto involved, right? If he had $100 worth of Bitcoin (BTC), this would definitely be a crypto issue,” CZ said. The case came to light when India’s Central Bureau of Investigation (CBI) seized traditional assets including gold, silver, and cash from Amit Kumar Singal, an IRS official accused of bribery. The seized assets included 3.5 kilograms of gold, two kilograms of silver, and around ₹1 crore in cash.

Crypto Regulation in India: A Cautious Approach

CZ’s comments are all the more interesting given India’s skeptical attitude towards cryptocurrencies. The crypto sector in India operates in a regulatory gray area, with taxes in place but no comprehensive legislation to govern the industry. Earlier, Finance Minister Nirmala Sitharaman proposed a ban on crypto in India stating that the Reserve Bank of India (RBI) was of the opinion that crypto should be banned.

However, earlier this year, Sitharaman emphasized the need for global crypto regulation, given concerns over money laundering and terrorism financing. Additionally, at its May 20 hearing, the Supreme Court of India asked for the creation of clear crypto regulations. Justices Surya Kant and N Kotiswar Singh stated, “This is a parallel economy running on such coins, and it is a danger to the country’s economy.”

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Comparison with Other Crypto-Skeptical Countries

While other crypto-skeptical countries like Pakistan are moving towards clear crypto regulation, India is likely to adopt a similar approach. This comparison shows that despite global concerns over the risks posed by crypto, a move towards clear regulation is important to integrate this technology with the existing financial system.

The importance of clear regulations is not only to protect consumers but also to provide legal certainty for industry players. With regulation in place, it is hoped to reduce the potential for crypto abuse for illegal activities while harnessing its potential for economic innovation.

Conclusion

CZ’s comments on the bribery case in India highlight the importance of further discussion on the role of crypto in financial crime. While cryptocurrencies are often seen as a new tool for criminals, this case shows that traditional assets are still a key option in corrupt practices. This discussion is important to understand how effective regulation can be established to address both sides of the coin.

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Reference

• Coingape. CZ Comments on Corruption Case in India. Accessed on June 4, 2025
• Featured Image: Letizo