Crypto exchange Coinbase (COIN) is currently in negotiations with Indian authorities to secure approval for re-entering the country, from which it withdrew in 2023. According to a report from Tech Crunch, the exchange is in dialogue with regulatory bodies including the Financial Intelligence Unit (FIU).

What you should know:

• Coinbase had suspended its operations in India back in 2022 shortly after launching its services, ceasing user registrations in 2023, but continued to provide its Coinbase wallet for the Indian market.
• A spokesperson from Coinbase stated, “Coinbase is excited by the opportunities in the Indian market, and intends to comply with applicable regulatory requirements, but we have nothing to announce regarding a FIU registration at this time.”

Coinbase’s move would position it alongside prominent competitors like Binance and Bybit, both of which successfully navigated their regulatory surroundings in India after initially facing substantial challenges.