Coinbase has undergone registration with India’s FIU

This will allow the exchange to re-launch crypto services in the local market

11.03.2025 - 15:05

3 min

What’s new? Leading US-based centralized crypto exchange (CEX) Coinbase has undergone registration with India’s Financial Intelligence Unit (FIU), which will allow it to re-enter the local market. Coinbase started operations in India in April 2022, but suspended it as early as May due to “soft pressure” from the Reserve Bank of India (RBI), as stated by its CEO Brian Armstrong.

Press release

What else is known?

“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,” said John O’Loghlen, regional managing director for APAC at Coinbase.

It is noteworthy that in 2023 and 2024, India ranked first in the ranking of cryptocurrency adoption by on-chain transactions on exchanges, compiled by Chainalysis analysts. That said, India’s central bank has repeatedly expressed skepticism about cryptocurrencies, citing money laundering risks and threats to financial stability.

In late 2023, the financial intelligence accused leading global CEXs including Binance, Kucoin, HTX, Kraken, Gate, Bittrex, Bitstamp, MEXC, and Bitfinex of violating anti-money laundering laws.

At that time, officials also reminded that service providers must be registered with the FUI to reduce the risks of money laundering and terrorist financing. As early as 2024, KuCoin and Binance were the first foreign exchanges to be registered and able to return to the local market.

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However, in June 2024, the FIU imposed a $2,25 million fine on Binance for the exchange’s failure to keep transaction records, provide transaction reports, and implement anti-money laundering measures.

In August, India’s tax office demanded that Binance pay $86 million because the exchange failed to pay taxes on fees it charged customers from July 2017 to March 2024.

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