- Coinbase is recognized with Indian authorities, including FIU for approval to restart the business.
- India’s crypto holding is developed, affected by global legislative changes and the market demand.
Major Crypto Exchange Coinbase is now planning to re -enter the Indian crypto market after more than a year’s end of the country. The second largest crypto change is now cooperating with FIU to restart its operations as it aims to comply with regulatory principles.
When Coinbase first Started India In April 2022, expectations were high. The US-based exchange integrated India’s generally used Unified Payments Interface (UPI), which signals a seamless dealer experience. The plan was stopped when National Payments Corporation of India (NPCI), the body that monitored UPI, issued a public statement to deny Coinbase’s activities.
Brian Armstrong, Coinbase’s CEO, later explained that India’s Reserve Bank (RBI) used “informal print” to block their services. “We had to withdraw,” admitted Armstrong in an income call.
After the exchange of the exchange just three days after it was launched was coinbase forced Stopping the trade, withdrawing from the market and eventually canceling Indian users in September 2023.
The disadvantage was not a loss for Coinbase alone but an exposure to India’s uncertain legislative policy. Although they did not introduce a complete ban, the Indian authorities made it uneasy for large exchanges to function freely.
What has changed and why coinbase is optimistic
So why does Coinbase try to comeback? Draw back to a similar issue that Binance is facing and finding its way back. After the Financial Intelligence Unit (FIU) cracked offshore exchanges, Binance registered with FIU and resumed operations in August 2023.
According to Technical reportsCoinbase is now actively engaging with other important provisions to meet compliance requirements.
Can Coinbase succeed this time?
While Binance’s Return may have set a roadmap, Coinbase is facing further review. Unlike Binance, which resumed the business after paying a fine, Coinbase’s previous output left Indian regulatory authorities. The exchange will need to prove its commitment to compliance and openness.
But when India appears as an important market for Cryptocurrency despite strict rules, Coinbase’s re -entry jumps signals for the country’s crypto industry.
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