Coinbase Explores India Return Amidst Security Concerns and Regulatory Review
Cryptocurrency exchange Coinbase is exploring a comeback to India, engaging in discussions with multiple regulatory bodies, including the Financial Intelligence Unit (FIU), over two years after its exit. This development comes amidst a series of social engineering scams that have targeted Coinbase users, sparking concerns over security measures.
Coinbase's potential return to India follows a tumultuous period in the country's cryptocurrency landscape. The company initially attempted to enter the Indian market in April 2022 but was forced to halt operations due to regulatory issues. Later, in September 2023, Coinbase notified Indian users to withdraw their funds and officially discontinued operations, citing 'informal pressure' from the Reserve Bank of India.
Over the past two months, a series of social engineering scams have resulted in Coinbase users losing millions. Scammers have exploited stolen database information to impersonate Coinbase representatives and redirect users to counterfeit Coinbase websites. This has raised concerns about Coinbase's security and fraud prevention measures.
Meanwhile, India is reportedly reevaluating its stance on cryptocurrency regulation. The government is currently reviewing a discussion paper on crypto policies, which was initially set for release in September 2024 but was delayed due to competing policy priorities. This review could pave the way for Coinbase's potential return to the Indian market.
As of October 2025, there are no publicly available updates regarding the status of negotiations between Coinbase and Indian regulators for approval to operate a cryptocurrency exchange in India. However, Coinbase's discussions with regulatory bodies indicate a potential thaw in India's stance on cryptocurrency, which could lead to the exchange's return to the market. Coinbase users and investors eagerly await further developments.
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