Coinbase Resumes India Operations After Two-Year Hiatus, Plans Fiat On-Ramp in 2026

Coinbase has reopened user onboarding in India for the first time since its abrupt exit in 2023, signaling a cautious return to a market it left amid regulatory uncertainty. The exchange is currently allowing new registrations and crypto-to-crypto trading, with plans to reintroduce a fiat on-ramp next year, APAC director John O’Loghlen said at last week’s India Blockchain Week.

The hiatus followed a regulatory standoff dating back to 2022. Coinbase initially launched in India with support for the Unified Payments Interface (UPI), but the feature was withdrawn within days after the network operator refused to officially recognize the exchange. Coinbase then halted services entirely, off-boarded millions of users, and closed local access while reviewing its regulatory exposure.

O’Loghlen explained that the firm pursued a “clean slate” approach, engaging directly with the Financial Intelligence Unit (FIU), which monitors digital-asset transactions. Coinbase completed FIU registration earlier this year and began onboarding users via an early-access program in October. The app is now widely available, though trading is currently limited to crypto pairs until fiat rails return.

India remains a challenging market for exchanges due to a 30% flat tax on crypto gains, restrictions on loss offsets, and a 1% transaction levy, which continue to weigh on trading volumes.