Binance’s Commitment to India: No Plans to Exit Despite Challenges
Binance navigates crypto regulations in India, emphasizes market growth, institutional interest, and the future of digital assets.
Vishal Sacheendran, Head of Regional Markets at Binance, revealed that the company was not allowed to add more users in India after the ban that lasted till August 2024. Once the company tweaked their KYC structure in accordance with India’s Financial Intelligence Unit (FIU), operations have become smoother.
In an interview with a local media outlet on February 10, 2025, Sacheendran stated that India is a key market in Binance’s gameplan and that the company has no intention of leaving the country.
In December 2023, authorities in India found the company unregistered with the FIU, leading to the blocking of Binance’s URL and apps on Android and Apple stores. However, since Binance’s re-entry in India after registering with the FIU, user confidence has grown.
Indian Government Has Never Blocked Regulatory Discussions
Sacheendran mentioned that India understands innovation and was one of the first countries to embrace the fintech boom. The Indian government has taken cautious steps in allowing investors to explore the crypto sector.
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“We’re seeing a huge uptick in institutional enquiries.”
Sacheendran emphasized that there is a significant talent pool in India and that the government has taken the right steps so far.
Although positive about India’s progress, he noted that the recently announced budget for the year 2025 still has room for improvement.
“Not Looking To Buy WazirX”
Discussing the notorious WazirX hack, Sacheendran explained that growth of crypto in India hasn’t slowed much since the incident. There is an increasing number of institutional inquiries and operating accounts that want to hold onto crypto.
Moreover, a Binance takeover of WazirX is unlikely, while CoinDCX’s Sumit Gupta remains open to the idea of acquiring it.
With India being a young population with high internet penetration and leading in crypto adoption, Sacheendran believes the government must work closely with the crypto sector to sustain its growth trajectory.
Impact of US Elections on the Global Crypto Markets
Sacheendran remarked that the US elections positively influenced the global cryptocurrency outlook. Countries are adopting crypto regulations and seeing growth in their crypto frameworks.
He also acknowledged that Bitcoin ETFs’ approval has legitimized cryptocurrency investments, attracting institutional investors into the market. This transition contributes to a rapid growth pattern witnessed from March 2024 onwards.
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Disclaimer: Crypto is a high-risk asset class. This article is for informational purposes only and does not constitute investment advice.
