Binance is looking for ‘Ideal Point’ For Launching in India

Binance, the world's largest cryptocurrency exchange, is searching for an ideal point for launching its local presence in India.

Binance mentioned that they are monitoring the fluctuations in the local bureaucratic environment. They are also discussing with several stakeholders to understand the statistics of the market approach of the South Asia market.

Binance is actively strategizing to fill the roles in India and South Asia like Head of Government Relations, Regulatory Counsel APAC, Head of Acquisition, Executive Communications and Visibility Lead, Communications and PR Lead, PR Director APAC, Global Comms/PR manager, and a Content Marketing Specialist.

Binance is going to get launched in India –despite governmental pressures including new tax laws and the suffocation of payment solutions. The launch can be considered as a major event for the crypto ecosystem.

The development comes after Coinbase launched its operations in India on April 7. Coinbase is the world's third-largest cryptocurrency exchange by trading volume.

FTX, the world's second-largest cryptocurrency exchange by trading volume, has been exploring the practicality of a launch in India but in legal norms, it has put things on hold for the moment.

Binance believes that India can be a crucial crypto participant. More than 10 crores (100 million) Indians hold cryptocurrency and in parallel to this mass adoption of crypto is taking place in India. With strong investment players on the ground, India can become one of the hubs for the crypto industry.

As per the reports of policy specialists in India, neither Binance nor FTX are likely to come to India until the government interface improves, particularly after experiencing the struggle in the launch of Coinbase.

EXECUTIVE OPINION:

"Certainly user awareness and crypto adoption may get a boost but it could backfire because Binance would have to collect the information of end-users of Indian retailers who may have used an Indian exchange to trade money on the exchange," said Siddharth Sogani, founder and CEO of crypto research firm Crebaco.

"India views investments from global crypto-exchanges as a disruptive force," said Sharan.

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Binance is looking for ‘Ideal Point’ For Launching in India

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