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Coinbase has launched direct Indian rupee rails for users in India, letting retail clients deposit and withdraw INR straight from bank accounts through the Immediate Payment Service — no peer-to-peer workarounds, no intermediaries. Alongside the rail, the Nasdaq-listed exchange opened dedicated INR order books for local liquidity and rolled out perpetual futures on major crypto assets, with Coinbase Advanced providing institutional-grade APIs and WebSocket order book streaming.
The re-entry builds on Coinbase's registration with the Financial Intelligence Unit (FIU-IND), the agency that polices AML and crypto compliance in India. "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," John O'Loghlen, head of APAC at Coinbase, said. "We're registered with FIU-IND and here for the long term."
Why it matters
Coinbase exited India more than two years ago under regulatory pressure and only reopened its app to user onboarding in December 2025. The FIU-IND registration plus IMPS rails represent the cleanest path back in that any major US exchange has managed in South Asia — a template other venues will study. The local commitment is more than symbolic: Coinbase has invested in CoinDCX, one of India's largest exchanges, and poured over $1 million into the local builder community through Base, its Ethereum Layer 2. More than 4,000 Indian developers have built on Base, Coinbase said, with roughly 150 projects graduating into startups.
Market impact
India topped TRM Labs' global crypto adoption index for the third straight year in October, ranking ahead of the US, Pakistan, the Philippines and Brazil — making it the largest untapped addressable pool Coinbase has re-entered. The perps offering, paired with deep INR order books, gives Indian traders a regulated venue for leveraged exposure they previously routed offshore. Coinbase shares closed up 3.72% at $189.03 on Friday, though the stock is still off 30.7% over the past six months — the India re-entry is a credible leg of the longer Asia growth thesis, not a near-term revenue catalyst.
Frequently asked questions
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What did Coinbase actually launch in India?
Direct Indian rupee bank deposits and withdrawals via the Immediate Payment Service, dedicated INR order books for local liquidity, and perpetual futures on major crypto assets — all backed by the exchange's FIU-IND registration.
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Why is the FIU-IND registration the important piece?
FIU-IND is India's Financial Intelligence Unit, the agency that polices AML and crypto compliance. Registration is the regulatory gate every offshore exchange has been waiting on to operate cleanly in India; Coinbase is the first major US venue to combine it with direct rupee rails.
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How long was Coinbase out of the Indian market?
Coinbase exited India more than two years ago under regulatory pressure and only reopened its app to user onboarding in December 2025. The IMPS rails and perps launch are the first full product rollout since the return.
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How big is the Indian crypto market for Coinbase's growth thesis?
India ranked first on TRM Labs' global crypto adoption index for the third consecutive year, ahead of the US, Pakistan, the Philippines and Brazil — making it the largest untapped addressable pool Coinbase has re-entered, supported by a CoinDCX investment and over $1M into the local Base builder community.
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How did Coinbase stock react to the India news?
Coinbase shares closed up 3.72% at $189.03 on Friday, though the stock remains down 30.7% over the past six months. The India re-entry is a long-term Asia growth catalyst, not a near-term revenue driver.
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