Key Highlights
- Coinbase has launched direct INR deposits and withdrawals in India through IMPS, along with spot trading and perpetual futures access.
- Some verified Indian users said they completed onboarding and KYC but still could not access buy or deposit features.
- Coinbase replied to users on X that the update is still rolling out and asked them to check again later.
Coinbase’s India relaunch with direct INR rails is facing early rollout delays, with some users reporting that buy and deposit features are still unavailable on their accounts even after the exchange announced the service.
The U.S.-listed crypto exchange said Indian customers can now deposit and withdraw INR directly through IMPS, access spot trading, and trade perpetual futures covering major crypto assets. Coinbase also said it has built local INR order books for Indian customers while keeping access to its global exchange infrastructure.
However, the feature does not appear to be available to every user immediately.
Crypto commentator Crypto PM said on X that he had checked the feature from a verified Coinbase account but still saw a “Deposits not supported” message. “Just checked, it’s not available. Account is verified,” he wrote, sharing a screenshot that showed Coinbase saying deposits were not currently supported in the country.
Another user, Tirupati Nanda, also reported a similar issue. In his X post, he wrote, “Not working,” and shared a screenshot showing a “Buys not supported” message on Coinbase. The notice said Coinbase does not currently support buys in the user’s country.
Screenshots shared by many such Indian users on X showed Coinbase displaying messages such as “Deposits not supported” and “Buys not supported.” One user said they had completed onboarding and KYC but still reached a screen saying Coinbase does not currently support buys in the country.
Coinbase replied to all the users that the feature is “rolling out atm” and asked them to check later. In another response, the exchange said the update is “rolling out across all users currently,” indicating that access is being enabled in phases rather than switched on for every Indian user at once.
What Coinbase Has Launched in India
The India launch gives users direct INR deposits and withdrawals through IMPS, reducing reliance on peer-to-peer payment routes or third-party intermediaries. Reuters also reported that Indian users will be able to make trades using the rupee and access spot markets as well as perpetual futures contracts.
Coinbase said the new setup allows users to deposit INR from a bank account, trade on spot or futures markets, and withdraw INR back to their bank account without additional workarounds. The company added that there are no INR deposit fees and that Coinbase Advanced taker fees are competitive against local platforms.
In the CryptoTimes interview, O’Loghlen said the company’s most important near-term goal is to get the India launch “nailed down and bedded down” so that INR rails run smoothly, remain compliant, and give users a sound first experience.
He said Coinbase wants the launch to be sustainable and fully compliant, adding that the company will address any “niggles or ups and downs” so consumers can be confident in their first transactions.
O’Loghlen also asserted that “This is, you know, day one for the launch. It’s a simple, you know, single language interface and we’ll look at additional languages down the road. I think your point is very prescient. We definitely are thinking about that. And in terms of even both APAC and also specifically India, another thing, Coinbase, I’ve seen they are focused right now on being AI native.”
Why Some Users May Still Be Waiting
The early complaints suggest the launch is live at the product level but still uneven at the account level. This means some users may see INR rails, buy access, or deposit options earlier than others.
Coinbase’s main India pitch is direct bank-to-crypto access. If verified users still see “buys not supported” or “deposits not supported,” they cannot yet use the core feature promoted in the launch announcement.
The company has not given a fixed timeline for when all Indian accounts will receive full access.
Coinbase’s India Return Comes After FIU Registration
Coinbase had previously discontinued services in India in 2023. The exchange resumed crypto trading after registering with India’s Financial Intelligence Unit last year. India requires crypto exchanges to follow anti-money laundering rules, while crypto gains remain subject to a 30% tax regime.
Coinbase said it is registered with FIU-IND and complies with Indian tax law requirements, framing the launch as part of a long-term India strategy. The company also highlighted its investment in CoinDCX and said Base has committed more than $1 million to Indian builders through hackathons, grants, and fellowships.
Coinbase’s return gives Indian crypto users another regulated exchange option with direct INR rails, local INR order books, and access to global liquidity. For users who have relied on P2P routes, direct IMPS deposits and withdrawals could reduce friction and improve execution.
But the first hours of the rollout show that availability is not yet uniform. Coinbase’s own replies suggest users may need to wait for account-level access to activate before the service works as advertised.
The next test for Coinbase will be whether users across India begin seeing consistent access to deposits, buys, withdrawals, spot trading, and futures over the coming days.
Also Read: Coinbase Launches in India With Direct INR Rails, Spot Trading, & Perpetual Futures
