Coinbase To Re-Enter India, Registers With FIU To Offer Crypto Trading Services

Coinbase is set to re-enter India and has registered with the Financial Intelligence Unit to offer trading services, according to a release issued by the global cryptocurrency exchange on Tuesday. This marks the company’s second attempt in India after it exited in 2023 due to regulatory challenges. 

Coinbase plans to launch initial retail services later this year, followed by additional investment and products thereafter, as per the release.

“We’re committed to building in markets that believe in the potential of crypto and on chain innovation. India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations,” said John O'Loghlen, regional managing director for Asia-Pacific region at Coinbase.

Coinbase will join the likes of other global trading platforms KuCoin and Binance. The crypto trading platforms’ race in India is set to heat up as along with global players, domestic crypto exchanges such as CoinSwitch, CoinDCX, Mudrex and others are also in the fray. 

This comes as the broader cryptocurrency market received a boost following Donald Trump’s re-election as the US president, as he reiterated his pro-crypto stance during the campaign trail.

Notably, Coinbase stopped exchange services in India in September 2023, due to regulatory challenges. It had asked users to withdraw funds from accounts and disabled new signups for Indian users. 

In a blogpost confirming its return to the South Asian market, Coinbase said that India’s emergence as a global technology powerhouse, home to one of the most vibrant startup ecosystems, "makes it a natural fit for Coinbase’s international expansion".

"The country has rapidly grown into an on-chain development hub, with its share of global developers increasing from 3% in 2018 to 12% in 2023. Among emerging markets, India now boasts the highest concentration of talent in the on-chain space,” it added.