Binance outlines growth strategy to capture India's crypto market
What's the story
Binance, the world's largest cryptocurrency exchange, is planning a major expansion in India. SB Seker, the APAC Head at Binance, said that India is a key market for the company. He said that despite not having an office here yet, they are looking to hire talent in India to establish their presence on the ground.
Market dominance
India's dominance in crypto space
Seker highlighted India's dominance in the crypto space, saying it has been leading in terms of crypto adoption for three consecutive years. He said APAC is leading year-on-year growth for digital assets with a whopping 69-70% growth last year. "India is by far the leader," he added, noting that it comfortably exceeds this growth pace.
Future strategies
Institutional adoption and regional trends
Binance has big ambitions for India and wants to offer a full suite of products to users across the country. Seker said they want to cater to different demographic trends, including regional adoption and first-time users. He also emphasized that institutional adoption is massive in India, further highlighting the country's importance in Binance's global strategy.
Market impact
Impact of Bitcoin ATH and US regulatory developments on India
When asked about the impact of Bitcoin hitting an all-time high and a positive US regulatory landscape on trading volumes in India, Seker said that "rising tide lifts all boats." He noted that the US is a major indicator of global regulation trends and positive developments in this space have a net positive flow for the market. However, he also stressed India's unique path in these matters.
Adoption trends
Rise of tokenized assets and institutional exposure in India
Seker confirmed that institutional adoption has been on the rise for a while now, with India's growth curve across digital assets closely tied to this trend. He also noted an increase in tokenized assets, which are attracting a lot of institutional exposure and interest. Seker said these areas could lead to greater institutional adoption in India, making it a global leader in this space.
Regulatory landscape
Regulatory landscape in APAC markets
Seker acknowledged the unique regulatory landscape of APAC markets, saying each has its own local nuances and strategic priorities. He stressed that Binance takes a hyper-localized approach in APAC and doesn't compare to other markets. On India's regulatory front, he said they have clear institutional frameworks from a regulatory perspective with law enforcement agencies they cooperate with on AML issues.
Product expansion
Retail vs institutional needs
Seker said retail customers have different needs than institutional ones, with a major focus on functionality. He stressed that a lot of this would be about the INR on-ramp off-ramp (convert between Indian Rupees and cryptocurrencies). Seker also said they want to bring all their product suites to India but in a way that's scalable and fully compliant at all times.