Summary
- U.S. cryptocurrency exchange Coinbase reported to be in discussions with Indian authorities including Financial Intelligence Unit (FIU) for re-entry into Indian market.
- Despite FIU and Indian financial authorities' strict stance, Coinbase announced plans to comply with authority regulations.
- This movement is interpreted as showing positive evaluation and willingness to re-enter the Indian market.
U.S. cryptocurrency exchange Coinbase is pushing for re-entry into the Indian market.
According to TechCrunch on the 12th (local time), Coinbase is in discussions with authorities including India's Financial Intelligence Unit (FIU) about resuming local services. Previously, Coinbase suspended its local services in 2023 due to regulatory issues.
Indian financial authorities, including the FIU, have taken a hard stance against foreign cryptocurrency exchanges. The FIU has pointed out that global cryptocurrency exchanges like Kraken and Binance were operating illegally in India. In response, Binance also temporarily suspended its Indian operations before resuming services last year. Coinbase stated that they "positively evaluate the Indian market" and "plan to comply with (FIU and other) authority regulations."
JOON HYOUNG LEE
gilson@bloomingbit.ioCrypto Journalist based in Seoul
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