Key Takeaways:
- Coinbase Eyes India Reentry: Coinbase is in talks with India’s Financial Intelligence Unit (FIU) to explore a potential return after halting operations in 2023.
- Regulatory Shifts: India’s crypto regulations have evolved, with the FIU granting registrations to offshore exchanges like Binance and KuCoin in 2024.
- Leadership & Collaboration: Coinbase’s Chief Legal Officer, Paul Grewal, joined the U.S.-India Business Council (USIBC) Board to strengthen fintech ties between the U.S. and India.
Coinbase, the U.S.-based cryptocurrency exchange, is exploring a return to the Indian market after halting operations in 2023.
The company is in discussions with India’s Financial Intelligence Unit (FIU) to ensure regulatory compliance, though it has not announced formal registration.
JUST IN: 🇮🇳 Coinbase to re-enter India, after officially exiting Indian market in 2022. – @TechCrunch reports pic.twitter.com/wBAMbQHDeu
— Crypto India (@CryptooIndia) February 13, 2025
Coinbase previously faced regulatory hurdles in India, including the suspension of its Unified Payments Interface (UPI) services in April 2022, which led to its exit in September 2023.
Despite this, Coinbase has remained involved in the Indian crypto space through investments in platforms like CoinSwitch Kuber and CoinDCX.
The potential reentry comes as India’s crypto regulations evolve.
While the FIU restricted offshore exchanges in late 2023, it later granted registrations to platforms like KuCoin and Binance, suggesting a more open stance.
The U.S.-India Business Council is pleased to announce the appointment of Paul Grewal (@iampaulgrewal), Chief Legal Officer, @coinbase, to the USIBC Global Board of Directors.
— U.S.-India Business Council (@USIBC) February 12, 2025
Welcoming the new member, USIBC President Ambassador @USAmbKeshap said, "Paul Grewal’s leadership in… pic.twitter.com/UPxxptlQ4K
In parallel, Coinbase’s Chief Legal Officer, Paul Grewal, has joined the U.S.-India Business Council (USIBC) Global Board of Directors.
His appointment reflects growing U.S.-India collaboration in fintech, with Grewal emphasizing India’s fast-growing Web3 ecosystem and its increasing share of global blockchain developers.
Coinbase’s discussions with regulators indicate a renewed push to tap into India’s crypto market, one of the most active globally, as regulatory conditions potentially become more favorable.
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Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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