cryptocurrency exchanges do not see a viable business.

"To be honest," Zhao was quoted as saying, "I don't think India is a very crypto-friendly environment."

Over the last two years, cryptocurrency-focused venture capital firms have flocked to India.

According to Binance CEO Changpeng Zhao, the crypto exchange does not see India as a viable business opportunity.

Zhao is not the only individual who has such a pessimistic outlook on the Indian market.

Because no other individual of Zhao's status has publicly voiced an opinion identical to his, his comment is noteworthy.

Zhao attributed the market's lack of accessibility on the high tax climate in the nation.

Binance, by far the largest cryptocurrency exchange in the world,