Which Crypto Exchange Will Be Next to Target India After Binance and Coinbase?

India’s fast-growing crypto market has become a focal point for global trading platforms after Binance and Coinbase made early pushes to capture local users. A combination of rising retail interest, increasing internet penetration and an evolving regulatory landscape has made India an attractive expansion target for exchanges seeking scale and new revenue streams.

Local players such as CoinDCX, WazirX and ZebPay already maintain substantial user bases and are partnering with global firms or enhancing services to fend off international competition. Meanwhile, large offshore exchanges — including Kraken, OKX and Bybit — are evaluating market entry strategies that range from localized apps and rupee on-ramps to joint ventures with domestic financial firms.

The calculus for entrants is complex. On one hand, India offers millions of potential customers and a vibrant developer community building Web3 projects. On the other, regulatory ambiguity and a patchwork of state-level stances raise compliance and operational risks. Exchanges increasingly prioritize transparent tax reporting, robust KYC procedures and cooperation with banking partners to ensure smoother on-ramps for Indian traders.

Product differentiation will be critical. Beyond basic spot trading, platforms are competing on derivatives, staking, savings products and educational tools tailored to Indian users. Some firms are also exploring partnerships with local payments companies to simplify deposits and withdrawals in Indian rupees, while others focus on institutional custody and compliance services to attract wealth managers and family offices.

Market observers say timing and regulatory engagement will determine winners. Exchanges that invest in local teams, adhere to Indian tax guidance, and build trust through clear customer protections are more likely to gain traction. Conversely, firms that prioritize rapid user acquisition over compliance risk regulatory pushback and reputational damage.

For investors and users, increased competition could mean lower fees, better product choice and improved infrastructure. For regulators and banks, the influx of global exchanges underscores the need for consistent rules that balance innovation with consumer protection. As India’s crypto ecosystem matures, the next wave of entrants will likely be those that combine global technology with local partnerships and a pragmatic approach to regulation.