Coinbase is in talks with India's financial intelligence unit to re-enter the Indian market

According to Golden Finance, Coinbase is in talks with India's Financial Intelligence Unit (FIU) to re-enter the Indian market after suspending operations for over a year. Previously, Binance resumed operations in India after registering with FIU in August 2024, setting a precedent for overseas cryptocurrency exchanges to enter the Indian market in compliance. Coinbase briefly launched its India business in 2022, but the service was suspended for three days due to the National Payment Corporation of India (NPCI) refusing to recognize its UPI payment support. Coinbase CEO Brian Armstrong has revealed that the company has been under "informal pressure" from the Reserve Bank of India. A Coinbase spokesperson stated that the company is looking forward to the Indian market and plans to comply with all regulatory requirements. However, due to the Indian government's implementation of a 30% income tax and a 1% transaction tax on cryptocurrency trading, the growth of this market still faces challenges. Original link