Coinbase Reenters India After Two-Year Exit, Eyes Fiat On-Ramp in 2026
Coinbase has resumed onboarding users in India, marking its first return since its abrupt 2023 exit over regulatory concerns. The exchange now allows crypto-to-crypto trading, with plans to reintroduce a fiat on-ramp next year, APAC director John O’Loghlen said at India Blockchain Week.
The exit followed a 2022 standoff when Coinbase launched with Unified Payments Interface (UPI) support but withdrew it after the network operator declined recognition. The company then halted services, off-boarded millions of users, and shuttered local access while reassessing regulatory risks.
O’Loghlen described a “clean slate” approach, engaging directly with India’s Financial Intelligence Unit (FIU). Coinbase completed FIU registration earlier this year and began onboarding users through an early-access program in October. The app is now broadly available, though trading remains limited to crypto pairs until fiat rails return.
India remains a tough market due to a 30% flat tax on crypto gains, prohibition on loss offsets, and a 1% transaction levy that constrains trading volumes.
