Coinbase, a leading US-based cryptocurrency exchange, has recently received approval from India’s Financial Intelligence Unit (FIU) to resume operations in the country. This comes after the exchange halted its activities in early 2023 due to regulatory issues. The approval paves the way for Coinbase to offer crypto trading services in India, one of the fastest-growing digital asset markets in the world.
In a press release, Coinbase announced its plans to introduce retail trading services in India later this year, along with additional investment products tailored for Indian customers. John O’Loghlen, Coinbase’s Regional Managing Director for Asia-Pacific, expressed excitement about the potential of the Indian market, stating, “India’s developer community and entrepreneurial energy are unmatched. But too often, young Indian entrepreneurs have felt forced to look abroad to build global companies. Crypto can change that. By expanding access to our trusted platform and tools such as Base, we aim to empower a new generation of builders to stay home, innovate locally, and scale globally.”
India, known for its vibrant startup ecosystem and technological prowess, is seen as a natural fit for Coinbase’s international expansion. The exchange joins other global players like Binance and KuCoin, who have also received approvals to operate in India recently.
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As the crypto industry continues to evolve, Coinbase’s re-entry into the Indian market signals a new chapter in the country’s digital asset landscape. With a focus on empowering local entrepreneurs and fostering innovation, Coinbase aims to be at the forefront of India’s crypto revolution.