Key Highlights
- Binance APAC Head SB Seker called India a “crown jewel” for the exchange “in terms of impact, not just scale.”
- Seker said the near-term softness in crypto markets is macro-driven rather than fundamental, noting that post-ETF institutional investors now treat Bitcoin and software equities as the same “tech risk factor.”
- On India-specific regulatory needs, Seker called for clarity on two fronts: a pragmatic taxation approach focused on capital gains realized with provisions for limited loss set-off, and clear operating standards for VDA platforms.
Binance’s Head of APAC, SB Seker, has called India a “crown jewel” for the world’s largest cryptocurrency exchange, arguing that the country’s combination of digital infrastructure, demographic profile, and developer talent makes it a market “unmatched globally for meaningful blockchain adoption and innovation.”
In an exclusive with Business Standard, Seker offered a wide-ranging assessment of global crypto market dynamics, Bitcoin’s evolving correlation with traditional equities, the institutional maturation cycle, and what India specifically needs from regulators to unlock its next phase of growth. The interview comes at a moment when India’s crypto industry operates under one of the world’s most punitive tax regimes while simultaneously leading global adoption by user count.
Bitcoin’s post-ETF identity
Seker framed Bitcoin’s current price behavior as a byproduct of its institutional mainstreaming rather than a sign of weakness. He noted that digital assets are “increasingly tending towards behavior like other macro assets,” with Bitcoin’s movement patterns aligning with commodities and equities, though with greater magnitude.
The near-term softness, he argued, is “largely macro-driven, with AI disruption fears spilling over from the broader software sector, not anything fundamental to digital assets.” The key shift, according to Seker, is that post-ETF institutional investors now treat Bitcoin and software equities as the same “tech risk factor,” meaning pressure on the tech sector automatically transmits to crypto markets.
But Seker was bullish on the recovery catalyst. He pointed to over $21 billion in spot ETF inflows and the potential for sovereign adoption as structural supports that did not exist in prior cycles.
For Ethereum, he highlighted that daily transactions hit all-time highs in early 2026 and that over 65% of tokenized real-world assets are built on its network. The message: both assets have “viable paths” to reclaiming their peaks in 2026, provided regulatory clarity deepens and institutional participation continues.
The altcoin era is over
One of Seker’s more pointed observations concerned the shifting capital allocation within crypto. He said institutional capital is creating a “more structured market” where Bitcoin cements its role as a macro asset, stablecoins become “foundational” after surpassing $300 billion in supply and rivaling Visa in transaction volumes, and capital concentrates in assets with “real utility, deeper liquidity, and institutional pathways.”
The implication for altcoins was direct: “The days of broad-based altcoin rallies are giving way to a more fundamentals-driven, quality-focused market.” This echoes a theme that has defined 2026 across the industry, with investors moving toward protocols with genuine fee income rather than speculative narratives.
Seker also highlighted the governance shift underway globally, citing the GENIUS Act in the U.S., Europe’s MiCA implementation, and Hong Kong’s Stablecoin Ordinance as evidence that regulation is “shifting from a headwind to a structural advantage for compliant participants.” He described the current transition as one from a “sentiment-driven market to one where compliance and sustainable economics determine long-term winners.”
India: Unmatched potential, unfinished regulatory business
The most significant portion of the interview focused on India’s strategic importance to Binance and the broader crypto ecosystem. Seker stated unequivocally that “India is a crown jewel for Binance in terms of impact, not just scale,” praising the country’s deep digital penetration and young, tech-savvy population.
He also offered unusual recognition of India’s developer community, stating that it is “already shaping global blockchain infrastructure in ways that don’t get enough recognition,” and predicting that “India won’t be on the periphery of this story; it will be one of its most important chapters.”
The praise came packaged with diplomatic but clear policy requests. Seker said India “already has the foundations for strong growth” but needs clarity on two specific fronts: a pragmatic taxation approach focused on capital gains realized, with provisions for limited loss set-off, and clear operating standards for VDA platforms aligned with India’s AML/KYC and investor protection priorities.
The tax comment is a pointed reference to a regime that the crypto industry has consistently criticized. India’s Union Budget 2026-27, presented in February, left the 30% flat tax on crypto gains and the 1% TDS on transactions unchanged despite months of lobbying.
Industry estimates suggest over 70% of Indian crypto trading volume has migrated to offshore platforms accessed via VPNs, with Indians trading more than ₹10 lakh crore on overseas exchanges between 2022 and late 2025, while the government collected just ₹1,095 crore in TDS during the same period.
Binance’s India playbook
Seker emphasized that Binance’s intent in India “has always been long-term,” noting that the company recognizes India’s strong emphasis on consumer protection, financial integrity, and national security. On investor education, he pointed to Binance Academy, Binance Research, the Binance Blockchain Yatra initiative that brings conversations directly to communities across India, and the Binance Case Study Challenge targeting university students.
Binance’s relationship with Indian regulators has been complex. The exchange registered with India’s Financial Intelligence Unit (FIU) in 2024 after initially being blocked for non-compliance. Since then, the platform has introduced KYC re-verification for Indian users and cooperated with tax authorities, with the Income Tax Department cross-referencing Binance data to flag over 44,000 taxpayers for failing to disclose crypto transactions.
The broader competitive landscape has also shifted. Pakistan signed its Virtual Assets Bill 2026 into law in March, becoming one of the first emerging markets with a comprehensive crypto licensing framework, and has already issued preparatory No Objection Certificates to Binance and HTX. That legislative clarity puts pressure on India, which continues to operate without a dedicated crypto regulatory framework despite leading global adoption metrics.
From sentiment to structure
Seker’s interview ultimately frames a market in transition. The era of crypto as a purely speculative asset class is ending, replaced by one in which institutional infrastructure, regulatory compliance, and genuine economic utility determine which assets and which markets thrive.
For India, the question is whether its regulatory framework will evolve quickly enough to capture the opportunity that Seker and Binance clearly see—or whether the punitive tax regime and absence of clear licensing standards will continue to push volume and innovation offshore.
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