Increased hiring, active consultations and monitoring of the regulatory environment by the exchange suggest Indian operations may soon be underway.
Binance, the world’s largest cryptocurrency exchange by trading volume, is actively trying to “find the ideal point for launching its local presence in India,” a Binance spokesperson told CoinDesk in an email.
“We are monitoring the changes in the local regulatory environment … We are also in talks with different stakeholders to understand the market approach of the South Asia market in a compliant manner,” the spokesperson added.
CoinDesk had posed the India question to Binance after multiple sources had indicated the company’s hiring interest in the region.
A check of LinkedIn shows Binance actively seeking to fill these roles in India and South Asia: Head of Government Relations APAC, 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 coming to India – a nation of 1.4 billion with more than 50% of the populace under the age of 30 – despite regulatory pressures such as the new tax law and the stifling of payment solutions – could be a major event for the crypto ecosystem.
“Certainly user awareness and crypto adoption may receive a boost but it could backfire because Binance would have to disclose [know-your-customer information] 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.
The development comes after Coinbase (COIN), the world’s third-largest cryptocurrency exchange by trading volume, launched operations in India on April 7, only to exit three days later thanks to regulatory snags that disrupted nearly the entire industry.