Eric Jardine, an analyst at Chainalysis, noted that India has maintained a high rate of cryptocurrency adoption between June 2023 and July 2024 despite regulatory challenges and highlighted Binance as a key factor in this trend, according to a report by cryptocurrency media outlet Watcher Guru on Wednesday.
Jardine explained that Binance's website was previously blocked in India due to non-compliance with local regulations. However, the company later re-entered the market by registering as a reporting entity with the Financial Intelligence Unit (FIU) under the Ministry of Finance.
He concluded that the strategy implemented by Binance seems to have played a role in boosting the level of cryptocurrency adoption in India.
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