Coinbase, the largest cryptocurrency exchange in U.S., is all set to re-enter India after gaining regulatory approval from FIU. Coinbase’s entry comes in the wake of its hurried exit from Indian markets in 2023 after regulatory compliance issues with the government.
Coinbase introduced its operations in India through a UPI-enabled crypto purchase service when the platform started in April 2022. A couple of days after the launch the company stopped its crypto-buying operations in India due to regulatory pressure.
Before UPI suspension on the platform, users who purchased crypto could exchange their wallet cryptos with other users through peer-to-peer (P2P) trading. At the current time Indian users on Coinbase can only transfer existing cryptocurrencies between their accounts.
Since Coinbase blocked UPI access in India earlier in 2023 the company has engaged in a permanent closure of inactive accounts. Some individuals from social media X posted pictures of emails they received through the company which declared Coinbase’s service termination.
During July 2023, the director responsible for Coinbase’s Indian market expansion joined the executive team at Uber.
Coinbase sent this email message to its Indian users during a period when multiple Indian cryptocurrency exchanges face diminished trading volumes while expanding their operations because of tax regulations in the market.
