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Coinbase in Talks for Return to India 2 Years After Exit: Report
The exchange would be following in the steps of Binance and Bybit if it manages to secure a license.
What to know:
- Coinbase is in talks with the Financial Intelligence Unit (FIU), Tech Crunch reported.
- The exchange suspended operations in 2022, shortly after starting up in India. It stopped registering new users in 2023.
Crypto exchange Coinbase (COIN) is holding talks with Indian authorities in an effort to secure approval to return to the country it quit in 2023, Tech Crunch reported on Wednesday.
The exchange is in talks with regulators including the Financial Intelligence Unit (FIU), Tech Crunch said, citing two people familiar with the matter.
STORY CONTINUES BELOW
"Coinbase is excited by the opportunities in the Indian market, and intends to comply with applicable regulatory requirements, but we have nothing to announce regarding a FIU [Financial Intelligence Unit] registration at this time," a spokesperson for the U.S. company told CoinDesk.
Coinbase suspended operations in India in 2022, days after starting up due to "informal pressure" from the Reserve Bank of India. In 2023, the exchange said it stopped allowing user registrations, but continued to offer its Coinbase wallet to citizens in India and added that it would "explore ways to strengthen" its presence in the nation.
The company joins other crypto exchanges in looking to establish, or reestablish a presence in the world's most populous country. Binance, the largest exchange by volume traded, registered with the FIU last year after paying a $2.2 million fine for operating without authorization. Bybit, ranked No. 2 on CoinGecko, registered after paying a $1 million fine.
Camomile Shumba
Camomile Shumba is a CoinDesk regulatory reporter based in the UK. Previously, Shumba interned at Business Insider and Bloomberg. Camomile has featured in Harpers Bazaar, Red, the BBC, Black Ballad, Journalism.co.uk, Cryptopolitan.com and South West Londoner. Shumba studied politics, philosophy and economics as a combined degree at the University of East Anglia before doing a postgraduate degree in multimedia journalism. While she did her undergraduate degree she had an award-winning radio show on making a difference. She does not currently hold value in any digital currencies or projects.
