PANews reported on February 13 that according to TechCrunch, Coinbase is in contact with the Indian Financial Intelligence Unit (FIU) and plans to re-enter the Indian market after more than a year of suspension. Previously, Binance resumed operations in India after registering with the FIU in August 2024, setting a precedent for overseas crypto exchanges to enter the Indian market in compliance with regulations.
Coinbase briefly launched its Indian business in 2022, but the service was suspended within three days because the National Payments Corporation of India (NPCI) refused to recognize its UPI payment support. Coinbase CEO Brian Armstrong once revealed that the company was under "informal pressure" from the Reserve Bank of India.
A Coinbase spokesperson said the company is looking forward to the Indian market and plans to comply with all regulatory requirements. However, the growth of the market still faces challenges due to the Indian government's 30% income tax and 1% transaction withholding tax on crypto asset transactions.
