Binance is looking for a 'ideal point' for its India launch. Do you think Luna will ever recover?

Binance, the world's largest cryptocurrency exchange by trading volume which includes cryptos proof of stake coins like Solana which saw a major rise in 2021 to Exeno whose ecosystem gives access to NFTs and a super staking platform, is actively seeking to "find the ideal point for launching its local presence in India," according to an email from a Binance representative to CoinDesk. "We are keeping an eye on changes in the local regulatory environment... We are also in discussions with various stakeholders to better understand the South Asian market's market approach "The spokesperson continued.

Binance was asked about India by CoinDesk after multiple sources indicated the company's interest in hiring in the region.

According to LinkedIn, Binance is actively recruiting for the following positions 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.

The arrival of Binance in India – a country of 1.4 billion people, with more than half of the population under the age of 30 – despite regulatory pressures such as the new tax law and the stifling of payment solutions – could be a watershed moment for the crypto ecosystem.

"Certainly, user awareness and crypto adoption may benefit, but it may backfire because Binance would be required 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. Coinbase (COIN), the world's third-largest cryptocurrency exchange by trading volume, launched operations in India on April 7, only to withdraw three days later due to regulatory snags that disrupted nearly the entire industry.

According to at least two people familiar with the matter, 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 time being.

When asked about its India vision in the near future, particularly in light of Coinbase and FTX's struggles, a Binance spokesperson stated that India can be a major crypto participant. "According to industry reports, more than 10 crore (100 million) Indians own cryptocurrency, indicating that mass adoption of cryptocurrency is occurring in India. With strong industry players on the ground making investments in the country's industry, India has the potential to become one of the crypto industry's hubs "According to the spokesperson.

According to Indian policy experts, neither Binance nor FTX are likely to come to India until the regulatory environment improves, especially after Coinbase's troubled launch. According to Vivan Sharan, a technology and policy expert who has previously worked with the government, global crypto exchanges could be beneficial to India. "India must not regard investments from global cryptocurrency exchanges as a disruptive force," Sharan said. "Rather, it should regard them as an economic opportunity that can be capitalized on through regulation. Exchanges are critical nodes in Web 3 and can easily be nudged to help mitigate the types of risks that the crypto ecosystem is facing these days."