Coinbase is in discussions with Indian regulators as it
considers reentering the market after halting operations in 2023. The US-based
cryptocurrency exchange has engaged with India’s Financial Intelligence Unit
(FIU) to explore regulatory compliance, according to Cointelegraph.
Coinbase Legal Officer Joins USIBC Board
The development follows Coinbase’s Chief Legal Officer, Paul
Grewal, joining the US-India Business Council (USIBC) global board of
directors. The council facilitates business cooperation between the two
countries. Grewal stated that he aims to support financial innovation and
strengthen ties between the US and India.
Coinbase discontinued its services in India in September
2023, asking users to withdraw funds. The exchange did not provide specific
reasons for the exit. Earlier, in April 2022, Coinbase halted its United
Payments Interface (UPI) service in India days after launching. The National
Payments Corporation of India had stated that it did not recognize
crypto-related UPI transactions.
Coinbase’s return would come as India maintains a strict
stance on offshore crypto exchanges. The FIU imposed restrictions on several
foreign platforms in late 2023 but later registered Binance and KuCoin after
collecting penalties in May 2024. Reports in September 2024 suggested that two
more offshore exchanges were under review for approval.
This article was written by Tareq Sikder at www.financemagnates.com.
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