Vishal Sacheendran, head of regional markets at Binance, said that cryptocurrency developed "from down up," integrating into markets without disrupting traditional finance. He added that blockchain offers "more efficient" services. Sacheendran participated in Binance Blockchain Week.
"Unlike financial services that started from the top down... Crypto came from down up," said Sacheendran. "Now people are realizing, okay, we need this consumer business—how do we attach it into that market? We're not trying to change the system; it's just a more efficient way of doing the same services."
The 2008 global financial crisis revealed significant flaws in traditional financial models, particularly regarding their ability to assess and manage risk. According to a report by the Organisation for Economic Co-operation and Development (OECD), these models often failed to account for systemic risks, leading to widespread financial instability.
Traditional regulatory approaches have faced criticism for their fragmented nature, which can result in inefficiencies and gaps in oversight. The OECD notes that the emergence of data-driven markets has led to a patchwork of rules governing cross-border data flows, complicating enforcement and creating challenges for both regulators and businesses.
Sacheendran, with over 20 years of experience in finance and regulation, leads government relations, regulatory licensing, and expansion at Binance. Previously, he managed authorizations and led the Regulatory Laboratory at Abu Dhabi Global Market after serving as MEA compliance lead at Bank of New York Mellon and overseeing IELTS and education initiatives at the British Council.
Binance Blockchain Week is a conference that gathers innovators, founders, investors, regulators, and officials to discuss the future of blockchain and Web3. According to the event's website, this year's theme is "Momentum." The website states: "Momentum propels our industry, not only taking us through challenges but also leading us to our biggest achievements."