coinspress.com
Coinbase is making another bid to establish itself in India, two years after its initial rollout unraveled almost as quickly as it began.
This time, the exchange is re-entering the market with regulatory backing and a long-term plan to integrate the Indian rupee directly into its trading system.
A Market Too Big to Ignore, Even After a False Start
The U.S. exchange first arrived in India with fanfare in 2022, only to run into friction over payments infrastructure. Its failure to plug into the Unified Payments Interface — the dominant domestic network for retail transactions — crippled fiat onboarding and ultimately pushed Coinbase into a full withdrawal by 2023.
Rather than nursing its wounds, leadership opted to start from scratch. Executives described their return strategy as “burning the boats,” discarding previous mechanisms and approaching regulators as though they were entering a brand-new jurisdiction.
Building Back With Compliance Instead of Shortcut Integrations
Over the past year, Coinbase has rebuilt its foundation by engaging India’s Financial Intelligence Unit — the agency tasked with monitoring digital asset activity. Registration was completed earlier in 2025, clearing the way for the company to begin slowly accepting users through a limited-access onboarding phase.
Only now, after months of rebuild work, are Indian customers able to register again — though large-scale fiat functionality is still pending.
The exchange’s regional leadership outlined the next milestone during India Blockchain Week. John O’Loghlen, who oversees Asia-Pacific operations, said Coinbase expects to enable rupee deposits and direct crypto purchases in 2026. If executed, it would create the seamless INR-to-crypto bridge that never materialized in its first attempt.
A Different Tone This Time
Instead of launching loudly and battling regulators in public view, Coinbase is positioning its second entry as a quiet, compliance-first rollout. Executives have emphasized direct engagement with authorities, suggesting that lasting access matters more than rapid market share.
India’s crypto industry — one of the world’s largest retail user bases — has largely been served by homegrown platforms since Coinbase exited. Its structured return could reshape that landscape, assuming regulatory alignment holds.
For now, Coinbase is back — but cautiously, building infrastructure before attempting a full-scale comeback.