Interview: India to Be in Binance’s Top 3 Markets by Mid-2025, Says CMO Rachel Conlan 

Binance India

Author

Jai Pratap

Author

Jai Pratap

About Author

Jai serves as the Asia Desk Editor for Cryptonews.com, where he leads a diverse team of international reporters. Jai has over five years of experience covering the web3 industry.

Author Profile

Share

Copied

Last updated: 

October 9, 2024

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

In an interview with CryptoNews, Binance Chief Marketing Officer Rachel Conlan talks about “Binance 2.0” and the exchange’s future strategies to focus on key markets such as India, all while navigating the complexities of the global regulatory environment. Rachel began by explaining what “Binance 2.0” is:

“Binance 2.0, under Richard Teng and kind of building and standing on the shoulders of incredible giants like CZ and Yi He, is really about how we double down on our existing and new community”

“We have about 230 people on our marketing team across 50 countries, but what’s more significant is the 1,000 people dedicated to compliance, regulatory, and law enforcement functions,” Rachel explained.

She added that Binance’s commitment to compliance is part of a larger mission to provide the safest platform for its users, ensuring adherence to KYC (Know Your Customer) and AML (Anti-Money Laundering) protocols.

Despite challenges, Binance continues to grow at a remarkable pace. Rachel noted that the exchange has expanded its user base to over 230 million globally. She attributes this growth to the exchange’s ability to level up its offerings while maintaining user trust. “This year has been extraordinary; we’ve seen growth like never before,” she notes, with over $1 billion of user funds under management.

India: Binance’s Re-Entry and Future Prospects

One of Binance’s most significant milestones has been its re-entry into the Indian market, a country where regulatory clarity has been elusive. As reported earlier, India ranked first in Chainalysis’ report on grassroots crypto adoption for the second consecutive year, making it a critical market for the crypto platforms. Rachel noted that Binance’s focus goes beyond regulatory compliance in India—it’s about fostering a robust, informed community.

“Our re-entry into India is about building a stronger community. India’s population is not only massive but tech-savvy,” Rachel remarks. Binance is working with Indian regulators to ensure the platform is secure and compliant. The company is also doubling down on education to foster a crypto-literate user base, which Rachel believes is essential for the industry’s growth.

Looking forward, Rachel sees India emerging as one of Binance’s top three markets by mid-2025. The company’s marketing strategy in India is localizing its efforts, focusing on segments ranging from first-time users to sophisticated traders and institutional stakeholders. Binance is also eyeing collaborations with Bollywood and the country’s love for cricket to strengthen its market presence.

“I’m really excited about what are the next generation innovations and products that come out of India, given it is such a tech savvy and innovation led community, and from a marketing perspective, we’re going to be doubling down on community as much as we can.”

Asia: The New Powerhouse for Crypto Growth

Beyond India, Binance is increasingly focusing on Asia as a whole, with the region emerging as the new global hub for crypto innovation. As reported earlier, three of the top four destinations for crypto businesses in 2024—Singapore, Dubai, and South Korea—are in Asia.

“The power is definitely shifting from the West to the East,” Rachel says. Binance’s strategy aligns with the increasing institutional and retail adoption in the region. The company is also witnessing governments in Asia, such as Japan, South Korea, and Singapore, creating robust regulatory frameworks to foster innovation.

Binance’s growth in Asia isn’t limited to institutional adoption. Rachel estimates that over 60% of the top global exchanges and crypto projects hail from the region. “Asia is a melting pot of fast-paced tech growth and a younger, innovation-driven audience. This makes it the perfect environment for crypto to thrive.”

Navigating Regulatory Complexities and Spotlight Pressure

As the largest crypto exchange globally, Binance finds itself under constant regulatory scrutiny. With governments and regulators moving at different speeds, Rachel explains that Binance’s approach is to guide and educate regulators rather than force compliance.

“We’re a private business, so all we can do is support and guide by sharing the most factual and relevant information,” she says. Although some regulators operate faster than others, Binance’s commitment to building the industry in the right way remains firm. “We want Binance to be an enduring organization that reshapes the future of finance.”

“We operate with a huge variety of dynamic, ever-changing markets, and while we’re global, we tailor our approach locally,” Rachel shares.

Women in Crypto: Leading by Example

Rachel also touched on the importance of bringing more women into the crypto industry, a space where female leadership remains limited. “We need a variety of input and thought to build the right products for different markets,” she emphasizes.

As a female leader in a predominantly male industry, Rachel stressed on the importance of more women participation in the industry at top level. Talking about her experience at Binance as a female executive, Rache noted:

“We’re lucky that Binance has a female co-founder Yi He. So I have an incredible mentor and guide. 30% of the Management Committee I sit on is female, which is above any averages, if you look across Fortune 500 or FTSE 100 companies, and my marketing team is 51% female, 49% male. I know that only 5% of crypto project founders are females. And so that’s something that we need to do more work on.”