The major American cryptocurrency exchange Coinbase has officially resumed user registrations in the Indian market after more than two years. This move marks the company's overcoming of local regulatory hurdles to return to what is considered the world's most vibrant and largest cryptocurrency market.
According to a report by tech media (TechCrunch), Coinbase reopened its App service to Indian users through the 'early access program' this October, and has now fully opened registration for all Indian users.
John O’Loghlen, Coinbase's Asia-Pacific director, revealed at the India Blockchain Week that currently Indian customers can only engage in 'crypto-to-crypto trading'. As for fiat currency deposit services, they are planned to be available in 2026.
Coinbase entered the Indian market in April 2022, but shortly thereafter had to significantly scale back its operations due to regulatory restrictions on the use of the Unified Payments Interface (UPI) system. UPI is an instant payment system developed by the National Payments Corporation of India (NPCI). In September 2023, Coinbase even ceased providing services to all Indian users.
Coinbase has been actively rebuilding its market presence in India over the past year. The most crucial step has been strengthening its engagement with local regulators and officially registering with the Financial Intelligence Unit (FIU) in India to comply with local anti-money laundering regulations.
In October of this year, Coinbase also demonstrated its commitment to long-term investment in the Indian market by announcing its investment in the local cryptocurrency exchange CoinDCX as part of its strategy to expand in India and the Middle East.
According to a report released by TRM Labs in October, India has topped the global cryptocurrency adoption rate for the third consecutive year, ahead of countries like the United States, Pakistan, the Philippines, and Brazil.
Recognizing the immense potential of the Indian market, other international exchanges have also begun to return. This includes Bybit, which announced in September of this year that it would fully resume its applications on the Indian App Store and Google Play; Binance re-entered the Indian market after paying a $2.25 million fine in August 2024.
"Coinbase returns to the Indian market after 2 years, fully opening user registration for local users" was first published on (Blockcast).