Coinbase sets its sights on re-entering Indias market
- Coinbase disabled new user sign-ups in India in 2023 following regulatory roadblocks
- Brian Armstrong, Coinbases CEO, said the platform faced internal pressure from Indias central bank
- Binance resumed its operations in India last August after registering with the FIU
Crypto exchange Coinbase is looking at re-entering India after pausing its operations there more than a year ago.
According to sources familiar with the matter, the exchange is in discussion with authorities, including Indias Financial Intelligence Unit (FIU), reports Tech Crunch.
A company spokesperson said: Coinbase is excited by the opportunities in the Indian market and intends to comply with applicable regulatory requirements.
Services discontinued
In June 2023, Coinbase disabled new user sign-ups in India after failing to progress with local authorities after launching its exchange product.
In 2022, Coinbase stopped its United Payments Interface (UPI) system just three days after launching its product. Later, Brian Armstrong, Coinbases CEO, said it had received informal pressure from the countrys central bank to withdraw UPI payments.
Armstrong said during an earnings call, at the time, that there was informal pressure from the Reserve Bank of India (RBI), which is kind of the Treasury equivalent there.
While crypto trading isnt illegal in India, lenders typically avoid doing business with crypto companies for fear of upsetting the RBI.
The move from Coinbase also comes at a time when crypto exchange Binance resumed its operations in India last August after registering with the FIU.
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