Please enter CoinGecko Free Api Key to get this plugin works.
Please enter CoinGecko Free Api Key to get this plugin works.
HomeCrypto NewsCrypto Exchange Coinbase (COIN) in Talks for Return to India 2 Years...

Crypto Exchange Coinbase (COIN) in Talks for Return to India 2 Years After Exit: Report

-

Crypto exchange Coinbase (COIN) is holding talks with Indian authorities in an effort to secure approval to return to the country it quit in 2023, Tech Crunch reported on Wednesday.

The exchange is in talks with regulators including the Financial Intelligence Unit (FIU), Tech Crunch said, citing two people familiar with the matter.

“Coinbase is excited by the opportunities in the Indian market, and intends to comply with applicable regulatory requirements, but we have nothing to announce regarding a FIU [Financial Intelligence Unit] registration at this time,” a spokesperson for the U.S. company told CoinDesk.

Coinbase suspended operations in India in 2022, days after starting up due to “informal pressure” from the Reserve Bank of India. In 2023, the exchange said it stopped allowing user registrations, but continued to offer its Coinbase wallet to citizens in India and added that it would “explore ways to strengthen” its presence in the nation.

The company joins other crypto exchanges in looking to establish, or reestablish a presence in the world’s most populous country. Binance, the largest exchange by volume traded, registered with the FIU last year after paying a $2.2 million fine for operating without authorization. Bybit, ranked No. 2 on CoinGecko, registered after paying a $1 million fine.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

S.Korea Cuts Out Bitcoin Strategic Reserve Considerations: Report

South Korea's central bank, the Bank of Korea (BOK), has taken a cautious stance on including bitcoin in its foreign exchange reserves, per a Korea...

Bitcoin Slumps, Cardano, Ripple Drop 5%

Bitcoin (BTC) started Monday in the red with a 2% drop over the past 24 hours, according to CoinDesk Indices data, leading to heaviness in...

U.S. Treasury Secretary Scott Bessent Calls Corrections Normal, Suggesting a Higher Pain Threshold for the ‘Trump Put’

On Sunday, U.S. Treasury Secretary Scott Bessent described asset market corrections as healthy, suggesting a greater tolerance for pain before the much-anticipated policy support or...

XRP Price Prediction: XRP Set for a Major Surge? Analysts Predict $15 Potential Amid Key Resistance Test

The price of XRP has been making waves in the cryptocurrency market, drawing attention from investors and analysts alike. As Ripple continues to face legal battles...

Most Popular