Coinbase is reportedly planning its re-entry into India, after exiting the country in September 2023 due to regulatory and compliance issues.
According to a TechCrunch report dated 12 February 2025, “The American crypto exchange is engaging with various Indian authorities, including the Financial Intelligence Unit (FIU).”
Translation: “The American crypto exchange is engaging with various Indian authorities, including the Financial Intelligence Unit (FIU).”
“Coinbase is excited by the opportunities in the Indian market and intends to comply with applicable regulatory requirements,” a company spokesperson said.
BREAKING:
COINBASE TO RE-ENTER INDIA !!
pic.twitter.com/zzeiXi3Xju
— Ash Crypto (@Ashcryptoreal) February 13, 2025
This move comes after a period of regulatory uncertainty and operational challenges that forced the company to scale back its activities in the country.
Coinbase first entered the Indian market in 2021 with ambitious plans to expand its global footprint. However, according to the report, Brian Armstrong, Coinbase’s CEO, had disclosed that the company faced “informal pressure” from the Reserve Bank of India, which had led to the trading halt.
Recent Re-entry Of Binance And Bybit In India
Binance also had to temporarily exit India till compliance issues were sorted.
In December 2023, authorities in India found the company to be unregistered with the FIU, eventually leading to the blocking of Binance URL and apps on Android and Apple store.
Since Binance’s re-entry in India after registering with the FIU, the company said that the user confidence has grown in the company. India’s FIU had also imposed a fine of INR 9 Crores, 27 lakhs (approx. $1 million) on Bybit for violating the Prevention of Money Laundering Act.
“Bybit kept expanding its services in the Indian market without securing mandatory registration with the FIU India,” the government notice said. Bybit experienced a temporary halt of trading activities in India. However, the company has since reported completing all its licensing work in India. It also paid its penalty amount in full.
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Key Takeaways
- Despite the challenges, Coinbase has maintained a keen interest in India’s crypto ecosystem.
- The company’s CEO, Brian Armstrong, has previously emphasized India’s potential as a hub for blockchain innovation and cryptocurrency adoption.
