Coinbase Opens Early Access For Some Users

SUMMARY

US-based crypto exchange Coinbase has started giving early access to some of its users in India

The crypto exchange registered with the Financial Intelligence Unit in March this year

The company would be resuming its operations in India after it terminated all its services in the country back in September 2023

After registering with the Financial Intelligence Unit (FIU) in March, US-based crypto exchange Coinbase has started giving early access to some of its users in India.

According to screenshots shared by users on social media, Coinbase in a communication to the users said, “We remember your early interest in Coinbase India, and we are thrilled to finally welcome you to our early access program.”

Coinbase has not made any official announcement about the early access programme. The exchange’s website displays a message, “Namaste, India!…We’re launching soon! Add your email and you’ll be the first to know when you can join.”

Inc42 has reached out to Coinbase seeking further information about the early access programme and the timeline for the complete resumption of operations in India. The story will be updated on receiving a response.

Founded in 2012 by Brian Armstrong and Fred Ehrsam, Coinbase allows users and investors to buy and sell various crypto currencies such as Bitcoin, Etherium, Tether, among others. The company also provides on-chain infrastructure development services.

Coinbase entered the Indian market in April 2022 and had big plans for the country. However, within a few days of its entry, the cryptocurrency exchange had to discontinue payments through UPI. At the time, the company claimed that it shut the payments via UPI due to “soft pressure” from the RBI. But users could continue trading to engage in peer-to-peer (P2P) trading with the existing cryptocurrencies in their wallets.

Ultimately, the company terminated all its service in the country in September 2023.

Coinbase’s re-entry in India comes at a time when a number of global players like Binance and Bybit have resumed India operations after registering with the FIU. Many of these platforms also paid penalties to the FIU to begin operations.

Notably, in March 2023, the Indian government asked all virtual digital asset service providers to register as reporting entities with the FIU to operate in the country.

Earlier this week, the FIU issued notices to 25 offshore crypto platforms for non-compliance with anti-money laundering regulations.

Coinbase’s resumption of India operations also comes at a time when crypto heists at WazirX and CoinDCX have affected investor sentiment.