Coinbase Registers with FlU in India, Set to Resume Crypto Trading Services

Crypto giant Coinbase registered with India’s Financial Intelligence Unit (FIU), meeting a key regulatory requirement to offer crypto trading services in the country.

Coinbase is all set to launch its initial retail offerings later this year. Future plans include introducing a broader range of investment products, further solidifying its presence in the region, as per the press release shared with CryptoNews.

Coinbase Looks to Utilize India’s Immense Web3 Developer Pool

“We’re committed to building in markets that believe in the potential of crypto and on-chain innovation,” stated John O’Loghlen, Regional Managing Director for APAC at Coinbase.

“India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations.”

India’s transformation into a global technology powerhouse is evident in its vibrant startup ecosystem and rapid technological development. The country has emerged as a key on-chain hub, with its share of global developers increasing significantly over recent years. As a result, India now stands out among emerging markets, attracting interest from major players in the Web3 space.

In addition to the FIU registration, Coinbase has reinforced its commitment to the Indian market. Paul Grewal, Coinbase’s Chief Legal Officer, was recently named to the Board of the U.S.-India Business Council (USIBC), highlighting the company’s intent to foster stronger commercial ties between the United States and India.

Overseas Crypto Firms Continue to Register with FIU

Coinbase is the latest firm to receive approval from India’s Financial Intelligence Unit (FIU) to resume crypto services. In January 2024, the regulator had put a ban on all major foreign exchanges operating in the country. However, most of those exchanges have secured FIU licenses and have resumed services, including Binance, KuKoin and Bybit.