Coinbase Returns to India with Direct INR Trading

Global cryptocurrency exchange Coinbase has relaunched its platform in India, introducing direct INR (Indian Rupee) trading capabilities for its Indian customers. This strategic move allows digital currency investors to trade directly using rupees, facilitating deposits and withdrawals via bank accounts through Coinbase’s immediate payment service (IMPS) offering.

Coinbase users in India can now access spot trading for a range of crypto assets, along with perpetual futures contracts for major cryptocurrencies. John O’Loghlen, head of APAC at Coinbase, stated, “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. With the launch of direct INR rails, we’re making Coinbase fully accessible to Indian retail traders.”

This relaunch marks Coinbase’s re-entry into the Indian cryptocurrency market after a two-year absence. The exchange had previously exited India in 2023 amid regulatory pressures. However, it secured the necessary licensing from the Financial Intelligence Unit in March last year, clearing the path for its return to one of the world’s leading cryptocurrency markets in terms of adoption.

Coinbase has established local INR order books to provide dedicated liquidity for Indian customers. The exchange is targeting both retail and institutional traders by offering advanced functionality, including institutional-level APIs, WebSocket order book streaming, direct TradingView integration, and a variety of order types.

During its hiatus from direct trading in India, Coinbase has been strengthening its presence through investments in local exchanges. In October of the previous year, Coinbase increased its investment in India’s CoinDCX and is reportedly looking to acquire a minority stake in the exchange. Coinbase is a prominent global cryptocurrency exchange, listed on the Nasdaq.

The Indian cryptocurrency market is projected to reach $14.21 billion by 2034, up from $3.04 billion in 2025, with an anticipated CAGR of 18.66%. This growth is attracting global crypto exchanges; BitDelta also launched operations in India recently, while Binance and Bybit have also secured their FIU licenses and are re-establishing their presence in the country.

Despite the market’s growth potential, cryptocurrencies remain unregulated in India, subject to a 30% capital gains tax and a 1% Tax Deducted at Source (TDS) on transactions. Authorities have consistently flagged risks within the ecosystem, with a parliamentary standing committee recently classifying the asset class as “high risk” due to concerns over money laundering, trafficking, and illicit transactions.

Historically, Indian crypto investors relied on peer-to-peer networks or third-party intermediaries to fund their accounts, as many banks hesitated to work with exchanges due to regulatory ambiguity. This process was often lengthy and susceptible to scams and regulatory scrutiny.