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The Defiant 2025-02-13 20:47:52

Coinbase Seeks FIU Approval for India Re-Entry, Following Binance Precedent

Coinbase Seeks FIU Approval for India Re-Entry, Following Binance Precedent

Coinbase, the U.S.-based cryptocurrency exchange, is planning to re-enter the Indian market more than a year after it ceased operations there. The company is currently engaging with Indian authorities, including the Financial Intelligence Unit (FIU), to secure necessary approvals for its return. This move follows a precedent set by Binance, which resumed operations in India in August 2024 after registering with the FIU. Coinbase's previous attempt to launch in India in 2022 was short-lived due to regulatory challenges, including issues with the United Payments Interface (UPI) and informal pressure from the Reserve Bank of India. The timing of Coinbase's potential relaunch depends on the approval process, which includes obtaining a license to operate from the FIU. The Indian crypto market, despite being small, is seen as an opportunity for Coinbase, especially with the backing of top Indian exchanges like CoinSwitch and CoinDCX. The Indian government has implemented a 30% tax on crypto income and a 1% deduction on each transaction since 2022, which may affect market dynamics. Additionally, the void left by the implosion of the Indian exchange WazirX, after losing about half of its reserves in a heist, could be filled by Coinbase's re-entry. To continue reading this as well as other DeFi and Web3 news, visit us at thedefiant.io

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