Coinbase (COIN) Stock: Exchange Reopens India Operations After Two-Year Shutdown

TLDR

• Coinbase has reopened user registrations in India after more than two years, following a complete service shutdown in 2023
• The platform currently supports only crypto-to-crypto trading, with fiat on-ramps planned for 2026
• Coinbase registered with India’s Financial Intelligence Unit earlier in 2024 to comply with anti-money laundering requirements
• The exchange originally launched in India in 2022 but withdrew within days after payment system conflicts
• Coinbase increased its investment in local exchange CoinDCX and employs over 500 people in India

Coinbase has started accepting new users in India again. The crypto exchange shut down all operations in the country back in 2023.

The platform went live with an early-access program in October. Full registrations opened recently, APAC director John O’Loghlen confirmed at India Blockchain Week last week.

For now, Indian users can only trade crypto-to-crypto. No fiat currency options are available yet.

Coinbase Global, Inc., COIN

The exchange plans to add fiat on-ramps sometime in 2026. This will let users convert rupees directly into digital assets.

The return caps a rocky history with the Indian market. Coinbase first entered India in 2022 with support for the Unified Payments Interface.

The company pulled that feature within days. The National Payments Corporation of India publicly declined to acknowledge the exchange’s use of UPI.

By September 2023, Coinbase had kicked off millions of Indian users. The platform went completely dark in the region.

Regulatory Rebuild

O’Loghlen said the company took a “clean slate” approach to re-entry. Coinbase engaged directly with the Financial Intelligence Unit this time around.

The FIU oversees digital asset transactions for money laundering concerns. Coinbase completed its FIU registration earlier in 2024.

That registration cleared the path for the October soft launch. The exchange admitted users gradually before opening to everyone.

India remains a tough market for crypto platforms. The government charges a 30% flat tax on all crypto gains.

Traders can’t offset losses against gains. A 1% transaction levy hits every trade, which kills volume.

Investment Continues

Despite the hurdles, Coinbase keeps putting money into India. The company’s venture arm recently upped its stake in CoinDCX.

That deal valued the local exchange at $2.45 billion. Coinbase made the investment in October as part of its expansion strategy across India and the Middle East.

The company employs more than 500 people in India. Those workers handle both domestic operations and global product development.

India ranked first in global crypto adoption for the third straight year. TRM Labs put the country ahead of the U.S., Pakistan, the Philippines and Brazil in an October report.

Other major exchanges have also returned to India. Bybit restored full app access in September through both the App Store and Google Play.

Binance re-entered the market in August 2024. That came after the exchange paid a $2.25 million penalty to regulators.

Coinbase’s India workforce continues to grow across both local and international product lines. The exchange currently allows trading between cryptocurrencies only, with full fiat integration expected next year.

The post Coinbase (COIN) Stock: Exchange Reopens India Operations After Two-Year Shutdown appeared first on CoinCentral.