Coinbase Engages Indian Authorities for Market Re-entry Approval
Coinbase is negotiating with Indian authorities to re-enter the market after suspending operations in 2023. Key points include:
- Discussions are ongoing with regulators, including the Financial Intelligence Unit (FIU).
- A Coinbase spokesperson emphasized compliance with regulatory requirements but provided no updates on FIU registration.
- Coinbase initially withdrew from India in 2022 due to pressure from the Reserve Bank of India.
- Despite halting user registrations, Coinbase has maintained its wallet service in India and aims to strengthen its presence.
- Other exchanges, such as Binance and Bybit, have successfully registered with the FIU after paying fines for operating without authorization.