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“India is a very important market…the largest demographics in the world, very tech savvy, very young population. And in every one of these countries, with a very tech-savvy population and a very young demographic, crypto adoption tends to be the fastest compared to others,” Teng said in the interview.
Teng’s remarks on India’s potential to become a global crypto superpower come in the wake of Chainalysis and TRM Labs crypto adoption indices putting India at the top.
He said Binance is bullish about India and is working with the regulators.
“So we are bullish there [India] and we are working with the government, so we see how we can support the government there in general,” he told CNBC.
 
According to a report in Business Standard, Binance once commanded 90% of India’s 4 billion crypto investors. However, it faced regulatory challenges, including a ban that lasted nearly seven months, due to not being registered with local regulators. The crypto exchange was initially fined $2 million, but the fine later escalated to $86 million. Binance has since reestablished itself in India.
“India has always been a very important market for Binance, and the community here is a testament to what we’ve tried to achieve over the past few years,” Business Standard quoted Vishal Sacheendran, Binance Head of Regional Markets, as saying at the Binance India Super Meetup in November 2024.
Binance CEO’s comments come at a time when there is a renewed interest both among Indian policymakers and virtual assets service providers (VASP) about cryptocurrency.
In a significant policy shift, India’s Finance Minister Nirmala Sitharaman stated in early October that innovations such as stablecoins are reshaping global finance, particularly in how money moves beyond borders, and India risks missing out if it doesn’t take the necessary steps.
“Innovations like stablecoins are transforming the landscape of money and capital inflows. These shifts may force nations to make binary choices, adapt to a new monetary architecture, or risk exclusion. Such developments underscore the scale of transformation which is underway,” she said.
Meanwhile, Coinbase has resumed operations in India after registration and approval from the Financial Intelligence Unit (FIU). The crypto exchange had shut down its India operations about three years ago, citing regulatory challenges.