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After cryptocurrency exchange, Binance, U.S.-based Kraken, Hong Kong-based Bitfinex, and rival KuCoin are actively exploring ways to set up in India, reported Reuters, citing people familiar with the matter. Despite the uncertainty around the country’s regulatory stance on crypto, India has reportedly 15 million crypto investors in India, holding over 100 billion rupees ($1.37 billion). Binance acquired the Indian crypto startup Wazirx in 2019, and Coinbase also announced plans for a back office in India. Now, these crypto exchanges are looking to enter a young nation of 1.35 billion people. "These companies have already begun talks to understand the Indian market and the entry points better,” one source directly involved was quoted as saying. While one exchange has already begun its due diligence for an Indian firm it was considering acquiring, the others were still in initial states and weighing their options. Founder of digital bank Cashaa, Kumar Gaurav, said,
"The Indian market is huge, and it is only starting to grow; if there was more policy certainty by now, Indian consumers would have been spoilt for choice in terms of exchanges because everyone wants to be here."