Coinbase Moves Closer to Re-Entering the Indian Market
Coinbase (COIN) is making significant strides toward re-establishing its presence in India, having recently obtained registration from the Financial Intelligence Unit (FIU), the cryptocurrency exchange announced on Tuesday. This development marks a crucial step for the Nasdaq-listed company, which had previously been active in the Indian market.
After facing various challenges stemming from regulatory pressures, Coinbase had to withdraw its operations in India a few years ago. In 2022, the company attempted to resume its activities in the country, only to be met with what it described as “informal pressure” from the Reserve Bank of India, leading to a temporary suspension of its services. By the following year, Coinbase made the decision to halt new user registrations while still providing wallet services to Indian customers.
The recent registration with the FIU paves the way for Coinbase to reintroduce its trading services to Indian users. Earlier this year, TechCrunch reported that the exchange was in discussions with regulatory bodies, including the FIU, to facilitate a potential re-entry into the Indian market. Coinbase has expressed its intention to launch retail services later this year and is also exploring the introduction of additional products, alongside a commitment to increase its investment in the region.
“India represents one of the most exciting market opportunities in the world today,” said John O’Loghlen, regional managing director for APAC at Coinbase. “We’re proud to deepen our investment here in full compliance with local regulations.” This renewed focus on India highlights Coinbase’s recognition of the country as a vital landscape for growth in the cryptocurrency sector.
