Crypto Major Coinbase Re-Enters Indian Market With Direct INR Trading

like Global cryptocurrency exchange Coinbase has relaunched its platform in India, with INR rails for Indian customers which will allow digital currency investors to trade directly in rupee. Users can now deposit and withdraw money directly via their bank accounts through Coinbase’s immediate payment service (IMPS) offering.

Additionally, Coinbase users in India can now access spot trading across a range of crypto ​assets, alongside perpetual futures contracts covering major crypto assets.

“India has long been one of the most important markets in crypto, in terms of developer talent, trading activity, and the broader adoption of blockchain technology. With the launch of direct INR rails, we’re making Coinbase fully accessible to Indian retail traders,” John O’Loghlen, head of APAC at Coinbase said.

Coinbase will be looking to re-enter India’s cryptocurrency market after a two-year hiatus. The exchange had exited India in 2023 as regulatory pressure around the unregulated asset class grew.

It secured the requisite licensing to operate as a cryptocurrency exchange from the Financial Intelligence Unit in March last year, paving the way for its return to one of the top cryptocurrency markets in terms of adoption.

The company said that it has created local INR order books which provides dedicated liquidity for Indian customers. It is targeting not just retail investors but also institutional traders by offering tools for advanced functionality, including institutional-level APIs, WebSocket order book streaming, direct Trading View integration and a range of order types.

Since pausing trading activity in the country, Coinbase has instead been establishing its presence by investing in leading local exchanges. In October last year, Coinbase doubled down on its investment in India’s CoinDCX, and is also looking to acquire a minority stake in the exchange.

Important to mention that Coinbase is one of the largest cryptocurrency exchanges globally, and is also listed on the Nasdaq.

The Indian cryptocurrency market is expected to reach a valuation of $14.21 Bn by 2034 from $3.04 Bn in 2025, growing at a CAGR of 18.66%. Global crypto exchanges like Coinbase are increasingly betting on the market amid this growth spurt. Just last month, global crypto exchange BitDelta also launched operations in the country. Meanwhile, Binance and Bybit also secured their FIU licenses recently and are looking to re-establish their foothold in the country.

However, it is important to mention that cryptocurrencies continue to remain unregulated in India, while also attracting a 30% capital gains tax and 1% TDS on every transaction. Authorities continue to flag risks in the ecosystem, with the parliamentary standing committee on finance recently classifying the asset class as “high risk” citing rampant money laundering, trafficking, radicalisation and suspicious crypto transactions.

Historically, cryptocurrency investors in India have to rely on peer-to-peer (P2P) networks or third party intermediaries to fund their cryptocurrency accounts as banks often decline to work with exchanges due to their murky regulatory standing.

This process is often long and prone to vulnerabilities like scams and regulatory actions due to suspicious activities.

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