#Stablecoins Binance CEO Bullish on India, Seeks Regulatory Clarity to Boost Crypto Market Standing.

In a recent interview with CNBC at the ongoing Hong Kong Fintech Week (November 3-7), Binance CEO RichardTeng said India is an important market for cryptocurrency due to its large tech-savvy youth population. He also hoped that if the Indian government and regulators bring more clarity on regulations, it can boost India’s standing in the global cryptocurrency market.

“India is a very important market…the largest demographic 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 Chain alysis 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 Sacheen dran, Binance Head of Regional Markets, as saying at the Binance India Super Meetup in November 2024.