Coinbase Makes Grand Return to India, Re-engaging with the World’s Leading Crypto Market

After a hiatus of over two years, leading U.S. cryptocurrency exchange Coinbase has officially reinstated user registrations in India. This strategic move signals the company’s successful navigation of stringent local regulatory hurdles, marking its determined re-entry into what is widely regarded as one of the most dynamic and largest cryptocurrency markets globally.

A Phased Re-engagement and Future Plans

According to a report by TechCrunch, Coinbase initiated its re-engagement with Indian users through an “early access program” for its app in October, and has now fully opened registration to all users across the nation.

During India Blockchain Week, John O’Loghlen, Coinbase’s Director of APAC, confirmed that Indian customers are currently limited to crypto-to-crypto trading. The much-anticipated fiat on-ramp service, enabling users to convert local currency into digital assets, is projected to become available in 2026.

Navigating Regulatory Waters: From Exit to Re-entry

Coinbase’s initial foray into the Indian market in April 2022 was short-lived. Just days after its launch, the exchange was compelled to significantly scale back its operations due to regulatory restrictions concerning the use of the Unified Payments Interface (UPI) system—an instant payment system developed by the National Payments Corporation of India (NPCI). By September 2023, Coinbase had completely ceased offering services to all Indian users.

Over the past year, Coinbase has diligently worked to re-establish its presence in India. A pivotal step in this endeavor involved intensified engagement with local regulatory bodies and official registration with India’s Financial Intelligence Unit (FIU), ensuring full compliance with the nation’s anti-money laundering (AML) regulations.

Further solidifying its long-term commitment to the Indian market, Coinbase announced a strategic investment in local cryptocurrency exchange CoinDCX in October. This move is part of Coinbase’s broader strategy to expand its footprint across India and the Middle East.

India: The Undisputed Leader in Crypto Adoption

The immense potential of the Indian market is undeniable. A report released by TRM Labs in October highlighted India’s position as the global leader in cryptocurrency adoption for the third consecutive year, surpassing nations like the United States, Pakistan, the Philippines, and Brazil. This consistent leadership underscores India’s vibrant digital asset ecosystem and its growing user base.

Recognizing this burgeoning opportunity, other international exchanges are also making their way back. Bybit, for instance, announced the full restoration of its application on both the Indian App Store and Google Play in September. Similarly, Binance re-entered the Indian market in August 2024, following the payment of a $2.25 million fine, signaling a broader trend of major players re-committing to the region.

A New Chapter for Coinbase in India

Coinbase’s return is a significant development, not just for the exchange but for the entire Indian crypto landscape. It signifies a maturation of the regulatory environment and a renewed confidence from global players in India’s digital asset future. As Coinbase gradually expands its offerings, including the crucial fiat on-ramp, its presence is set to further accelerate crypto adoption and innovation in this pivotal market.