I love the fact that people are calling the fall in crypto prices a dip: Binance’s Vishal Sacheendran

India is no stranger to cryptocurrency. In fact, a 2024 report from blockchain analytics company Chainalysis found that India led the global adoption of the asset class for the second straight year. 

This has brought significant attention to India’s crypto investor landscape. Global exchanges—identifying the market’s potential—have rushed to reap gains, and Binance is one of them. 

Binance, the world’s largest crypto exchange in terms of trading volume, re-entered India in August last year, after briefly pausing activities to receive FIU-IND compliance. 

Additionally, this month, MGX—an Abu Dhabi-based artificial intelligence and advanced technology investor—made a $2 billion investment in Binance, marking the first-ever institutional investment in Binance. According to the company, it also marks the largest investment into a crypto company and the largest investment to be paid in crypto.

A company spokesperson said that Binance is receiving inquiries every month from institutions regarding investments into the company. “We do not rule out the introduction of strategic partners and are open to mergers and acquisitions,” they added. 

Speaking to YourStory on the Indian crypto landscape, Vishal Sacheendran, Head of Regional Markets, sheds light on the country’s compliance landscape, how Binance focuses on educating investors, and the unique demands of the Indian crypto investor community. 

Edited excerpts:

YourStory [YS]: How does Binance view India's evolving crypto landscape in terms of its market potential and the growing wave of crypto investors?

Vishal Sacheendran [VS]: India has one of the highest crypto adoption rates globally—possibly the highest. Given India's massive internet and mobile penetration—practically everyone has at least one phone—the infrastructure was already in place. The question was: How do people understand and use crypto?

Retail investors were always there, but institutional players hesitated—until ETF approvals in the US and parts of Asia gave crypto the legitimacy they needed. Now, they're entering space fast. It’s only a matter of time before crypto products start showing up on TV ads, just like traditional LIC products.

India is a massive market, and interest spans generations. Growing up, investments meant real estate, mutual funds, or FDs (fixed deposits). Now, when your 80-year-old mom calls and asks if she should invest in Bitcoin, you know crypto has become mainstream. It’s become a buzzword, and everyone’s paying attention.

YS: Institutional investors are typically cautious about regulations, avoiding compliance risks. Given the current regulatory landscape, how soon do you think they’ll view crypto as a serious asset? Also, what’s your take on the regulatory outlook?

VS: I’ve said this before, and I’ll say it again—regulators usually fall into three buckets. First, the ones who don’t get crypto, think it’s too risky, and avoid it altogether. Second, the “wait and watch” crowd—they won’t ban it, but they’re not fully regulating it either. They’ll add basic KYC and AML rules and see how things play out. India’s here right now. Then there’s the third group—the ones who get it, embrace it, and create clear regulations. That’s where places like the UAE and Bahrain are.

Over time, countries move up these buckets. And as regulations become clearer, institutional investors will follow. We’re already seeing signs—look at Mubadala (Investment Company), a massive sovereign wealth fund. They didn’t buy Bitcoin directly, but they invested in Bitcoin ETFs. That tells you something. Big corporations will likely take the same approach—starting with ETFs before jumping into direct crypto investments.

At the end of the day, once regulations encourage innovation rather than restrict it, institutional players will come in full force. It’s just a matter of time.

YS: How soon do you think India could see crypto ETFs? Do you believe Indian investors are ready for them?

VS: They’re definitely ready. Investors always want more options, and with Bitcoin ETFs now a regulated asset class, it’s almost a fiduciary duty for investment managers to inform their clients. Many Indian investors already put money into global markets, so if their risk appetite aligns, they should at least consider it.

It’s only a matter of time before we see the first crypto ETF in India. Hopefully, as regulatory clarity improves, it’ll provide them the confidence to move forward.

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YS: What are Binance’s plans for India moving forward? Do you see any unique market demands that could shape your product offerings? Is there any consideration for setting up an entity in India?

VS: We’re looking at India, but a lot depends on regulatory clarity. While I can’t share too many details, setting up a presence there is something we’re exploring.

India has incredible talent—so many Web3 projects are coming out of the country, solving real problems. But there’s a gap between these innovators, institutions, regulators, and even the public. That’s where Binance is focusing—education. Through Binance Academy and partnerships with universities, we’re working to bridge that gap and drive adoption faster.

We’re also collaborating with law enforcement in India and globally to help weed out bad actors and ensure the crypto space remains secure and transparent. Education and compliance are key to building a strong crypto ecosystem in India.

YS: Could you provide insight into the ongoing discussions between the company and the FIU? Are there any concerns raised from either side regarding the framework?

VS: The real conversation here is about how best to regulate the industry. Right now, the focus is largely on transactions—where the money is coming from, where it’s going, and how it’s made. It’s very AML/KYC-driven, similar to traditional banking.

However, globally, the approach is evolving. Regulation is becoming more activity-based in places like the Middle East and Europe, which means different rules for asset managers, broker-dealers, and exchanges, rather than a one-size-fits-all approach.

Crypto exchanges, in particular, operate differently from traditional financial markets because they remove intermediaries. And when there’s no middleman connecting users to the exchange, the regulatory framework has to adapt accordingly.

The discussions we’re having now are about how to make the framework more attractive to global players like us—how to bring in international best practices while shaping something that works for a major growth market like India.

YS: How does the FIU view foreign players entering the Indian market? Are they generally welcoming or is there some hesitation? What factors are shaping their stance?

VS: Honestly, the FIU has been one of the most open regulators I’ve worked with. They’re very welcoming to foreign players—as long as we align with their rules and regulations.

What’s been great is their willingness to learn. They’re keen to understand how we work with law enforcement agencies globally, and how we’ve supported them in different markets. It’s been a lot of collaboration, knowledge-sharing, and overall, a really productive relationship—not just for us, but for the broader crypto industry.

This isn’t just about Binance; it’s about bringing the industry together to help shape a strong, sustainable regulatory framework. And despite the perception that they might be restrictive, I’d say they’ve been quite open and pragmatic in their approach.

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YS: Bitcoin prices have dropped from their levels during the US presidential elections, and the recent FIU tariffs haven’t exactly helped. Given the current market conditions, do you see the asset class recovering from this price point, or do you anticipate further corrections as the USD strengthens?

VS: People forget that six months ago, Bitcoin was hovering around $60,000. Now, even with this so-called "fall," it’s still around $90,000. That’s not a crash—it’s just the natural cycle of the crypto market.

Crypto has always been volatile. As adoption grows and more institutional players come in, prices will keep rising over the long run. Dips and surges are just part of the game.

Honestly, I love that people are calling this a dip. It’s a good thing because seasoned investors see moments like this as an opportunity. This is when people start getting their books out and making moves. The next couple of months should be really interesting.

YS: Binance recently released a report, and I’ve also spoken to a few Indian exchanges that have noticed a shift in investor behaviour. It seems more investors are holding onto crypto for longer rather than the quick buy-sell approach we saw before. What do you think is driving this change in mindset?

VS: The kind of investors entering the market has a lot to do with this shift. Institutional players aren’t the type to trade in and out daily—they’re managing large pools of money, whether it’s for individuals, funds, or even governments. They take a long-term view, which naturally changes how the market behaves.

Of course, you’ll always have day traders—they exist in every market. But as more institutional players step in, you start seeing a more stable, long-term approach to investing.

Now, if we’re talking specifically about India, the market has mostly been driven by retail investors so far. But with greater regulatory clarity and increased education, institutional players are starting to come in. And as they do, they’re bringing more stability and maturity to the space. It’s an exciting time for the industry, and I’m really looking forward to seeing how it evolves.

YS: Binance has made it clear that a takeover of WazirX is completely off the table. Could you shed some light on the company’s current relationship with WazirX? What kind of discussions are you having with their team?

VS:  I can’t say too much because the matter is still in court, but I can tell you that Binance has always stepped up when the industry takes a hit—whether it’s WazirX or any other platform. As the largest player in the space, we see it as our responsibility to help.

Last year alone, we recovered nearly $100 million in stolen funds from various hacks worldwide. It doesn’t matter if it’s a competitor or an ally—when something like this happens, we get involved. Our security team is one of the best in the industry, and we’ve helped multiple platforms recover their losses.

The WazirX hack was unfortunate, and despite everything going on between us, we still stepped in to help. That’s just how we operate. As for our current discussions with them, I can’t comment while it’s still in court—but yes, a takeover is completely off the table.

YS: Regarding the Rs 722 crore GST notice Binance received from the DGGI last year—has there been any update on this? Has the company settled the dues, or are you pursuing a legal route?

VS: We’re still in discussions and working closely with the authorities to find the best way forward for all parties involved. As things progress, we’ll have a more concrete statement to share, but now, the conversations are ongoing.

YS: With a growing number of domestic crypto exchanges in India and increasing interest from foreign players, how does Binance view the current competitive landscape in the country?

VS: We don’t see it as fighting for a bigger share of the pie—we’re focused on growing the pie itself. People talk about market share and competition, but to me, that’s secondary. A 50% share of a $1 trillion market is very different from a 30% share of a $100 trillion market. The numbers matter more than the percentage.

Our real goal is to expand the crypto industry as a whole and bring the next billion users onto Binance. Right now, only about 1.7% to 2% of the world actively uses crypto. If we can double that to 4% in the next five years, that’s a huge win—not just for Binance but for the industry.

Adoption is key. Binance is already the largest blockchain ecosystem in the world, and we’ll continue to grow. But for us, the bigger picture is about getting more people into crypto, not just competing for users in a single market.