A hiring spree and active consultations about India indicate Binance is looking for the perfect time to enter the Indian market. By amitoj
FTX, the world's second-largest cryptocurrency exchange by trading volume, has been exploring the feasibility of a launch in India but regulatory concerns have put things on hold for the moment, according to at least two people familiar with the matter.
Asked about its India vision in the near future, particularly after the struggles for Coinbase and FTX, the Binance spokesperson said India can be a major crypto participant."More than 10 crore Indians own cryptocurrency according to industry reports, and we can tell that mass adoption of crypto is happening in India.
According to policy specialists in India, neither Binance nor FTX are likely to come to India until the regulatory environment improves, particularly after Coinbase's troubled launch. Vivan Sharan, a technology and policy expert who has worked with the government in the past, said global crypto exchanges could be great for India.
"India [must not] view investments from global crypto-exchanges as a disruptive force," said Sharan."Rather, it should consider them an economic opportunity that can be harnessed through regulation. Exchanges are important nodes within Web 3, and can easily be nudged to help mitigate the types of risks that the crypto ecosystem is receiving flak for these days."
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