Coinbase, one of the largest cryptocurrency exchanges in the world, is reportedly seeking re-entry into the Indian market after facing regulatory setbacks in the past. According to a report by Denis Omelchenko on February 13, 2025, Coinbase is in talks with Indian regulators, including the Financial Intelligence Unit, in an effort to restart its operations in the country.

This move comes more than a year after Coinbase pulled out of India following a failed launch in 2022. The company had initially introduced support for India’s popular UPI payment system but had to suspend operations just three days later. The National Payments Corporation of India refused to approve Coinbase’s services, and the Reserve Bank of India reportedly applied pressure to stop the exchange.

In September 2023, Coinbase even disabled new user sign-ups for its exchange product in India, citing the need to align with updated standards. Despite these challenges, Coinbase now seems determined to re-enter the Indian market with the necessary regulatory approvals.

The report suggests that Coinbase’s return could help fill the gap left by the collapse of WazirX, another popular cryptocurrency exchange in India. CoinSwitch and CoinDCX, two other local trading platforms, are both backed by Coinbase, indicating the company’s strong presence in the Indian crypto market.

While crypto trading is legal in India, the government imposed a 30% tax on crypto earnings and a 1% tax on transactions in 2022, which has slowed down market growth. However, with Coinbase’s potential re-entry into the market, there is hope for a resurgence in the Indian crypto industry.

Overall, Coinbase’s efforts to re-establish its presence in India demonstrate the company’s commitment to expanding its global reach and providing access to cryptocurrency trading for users in the country. It remains to be seen how Indian regulators will respond to Coinbase’s latest attempts to operate within the country’s regulatory framework.