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Coinbase is making moves to re-enter the Indian market after halting operations over a year ago. The American crypto exchange is currently in discussions with Indian authorities, including the Financial Intelligence Unit (FIU), as it seeks regulatory approval. The comeback follows Binance’s successful return to India last year after complying with FIU regulations, setting a path for foreign exchanges to operate in the country.
Coinbase previously launched in India in 2022 with support for UPI but faced immediate regulatory hurdles, forcing a suspension within days. The Reserve Bank of India reportedly pressured banks against facilitating crypto transactions, making operations difficult. Despite regulatory challenges and high taxation on crypto transactions, Coinbase remains committed to India’s fast-growing web3 ecosystem and is working to secure the necessary approvals.
Paul Grewal, Coinbase’s Chief Legal Officer, recently joined the board of the U.S.-India Business Council, signaling the company’s long-term interest in the region. A successful return to India could reshape the country’s crypto landscape, offering a trusted global platform amid recent local exchange disruptions.
