Coinbase is set to return to India years after exiting the nation. Reports claim that the exchange is working with Indian regulators, including the Financial Intelligence Unit (FIU), on a possible return.
In 2023, Coinbase announced that it had halted its operations in India. The US-based crypto exchange had faced difficulties with Indian regulators. Notably, Coinbase closed down its newly launched United Payments Interface (UPI) in 2022.
Coinbase Eyes India Comeback Amid Regulatory Hurdles
Coinbase halted its UPI after the National Payment Corporation of India (NPCI) clarified that crypto exchanges were not legally permitted to use the Reserve Bank of India’s (RBI) payment system.
JUST IN: 🇮🇳 Coinbase to re-enter India, after officially exiting Indian market in 2022. pic.twitter.com/KnOUwhU4fn
— Whale Insider (@WhaleInsider) February 13, 2025
With the exchange set to reenter the Indian market, a Coinbase spokesperson said the crypto exchange plans to comply with local policies. However, Coinbase shared no update on an FIU registration.
Furthermore, Coinbase’s return to India signals a potential shift in regulatory attitudes toward crypto in the country. As discussions with Indian authorities continue, the exchange’s ability to secure necessary approvals will determine its success in reentering the market.
SEC Requests More Time in Coinbase Battle
In other news, the U.S. SEC has asked for more time to respond to Coinbase Inc.’s request to appeal a legal decision. On February 14, the SEC filed a request for a 28-day extension. So, an approval would move the deadline to March 14, 2025.
🚨NEW: The filing is in and the @SECGov has requested a 28-day extension (until March 14, 2025) to file its answer to a petition from @coinbase to leave to file an interlocutory appeal.
Again, the @SECGov cites the agency’s new #crypto task force as having a potential impact on… https://t.co/XdwFBhgMPm pic.twitter.com/A6f6xB3qQJ
— Eleanor Terrett (@EleanorTerrett) February 15, 2025
Furthermore, the SEC awaits the new crypto task to help shape its response to the case. Interestingly, this comes days after the SEC announced a 60-day pause on their lawsuit against Binance.
INTEL: Binance and SEC request 60-day pause, signaling a possible settlement.
Ripple, Coinbase, and Kraken may follow pic.twitter.com/yyG3lsLLkn— Solid Intel 📡 (@solidintel_x) February 11, 2025
The SEC’s request for more time highlights its cautious approach to shaping crypto regulations. The temporary pause on its lawsuit hints that the agency could be reassessing its stance on cryptocurrencies.
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