Binance is pursuing major growth in India following its re-registration with the country's Financial Intelligence Unit (FIU) in December 2024, after a seven-month ban. Binance aims to expand its local presence, offering a full suite of crypto products and hiring on-the-ground talent to cater to India's burgeoning and highly localized crypto market.
Summary of Binance's plans for India
Expansion strategy: Binance's APAC Head, SB Seker, stated that the company is planning a significant expansion in India to capitalize on the country's rapid crypto adoption, which is the largest globally for the third consecutive year. The strategy includes offering a comprehensive range of products to address various demographic and institutional needs, from first-time users to large financial institutions.
Hiring and local presence: While currently without a physical office in India, Binance intends to hire local talent to establish a stronger on-the-ground presence. A local team of 20 to 30 people is already working on India-specific matters, and the hiring drive is part of a larger "hyper-localization" model for key markets.
Product offerings: Binance plans to offer a full suite of products in India, with ambitions to enable daily use cases for cryptocurrencies, such as making government or car payments. The company also aims to provide liquidity and modular services to traditional financial institutions and other digital asset firms. Specific products being targeted include tokenized private credit and tokenized government securities, with Binance believing India will be at the "cutting edge" of this global trend.
Regulatory alignment: Following its FIU registration, which was required to resume services, Binance is focusing on strengthening trust within the crypto ecosystem and fostering collaboration with Indian authorities. In 2024, Binance CEO Richard Teng called the FIU registration "an important milestone" for tailoring services to Indian users.
Market outlook: The company's expansion plans are supported by a broader positive market outlook, including Bitcoin's all-time high and positive regulatory developments in the U.S., which have created a "rising tide lifts all boats" effect on trading volumes. Binance expects India to potentially lead global crypto regulation in 2025, driven by progressive frameworks.