U.S.-based cryptocurrency exchange Coinbase has registered with India’s financial regulator to offer crypto trading services in the country.
Coinbase is preparing to re-enter the Indian market after securing regulatory approval from the country’s Financial Intelligence Unit. In a March 11 blog post, the exchange said the approval allows it to offer crypto trading services in India, with plans to launch initial retail services later this year, followed by “additional investment and products in India thereafter.”
“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.”
John O’Loghlen, regional managing director for APAC at Coinbase
Coinbase’s previous attempt to launch services in India ended unsuccesfully in April 2022. The company introduced support for India’s popular UPI payment system but had to suspend operations just three days later. The National Payments Corporation of India refused to approve the crypto exchange’s services, and the Reserve Bank of India reportedly applied “informal pressure” to stop the exchange.
Now, Coinbase says it is returning to India, calling it a market that is “embracing regulation and encouraging innovation in the crypto and onchain space.”
The U.S.-based crypto exchange notes that India has become home to one of the “most vibrant startup ecosystems” in the world, making it a “natural fit” for Coinbase as the country’s share of global developers soared from 3% in 2018 to 12% in 2023.
“India’s developer community and entrepreneurial energy are unmatched. But too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that.”
John O’Loghlen
Just a day before Coinbase announced its expansion in India, Cathie Wood’s ARK Invest acquired over 64,000 Coinbase shares, worth around $10.5 million at the time of purchase, per the firm’s website. The acquisition came as Coinbase’s COIN shares fell 17.58% amid broader market turbulence on Monday, March 10, according to Nasdaq data.
