Coinbase (COIN) is one step closer to fully returning to India after securing registration with the Financial Intelligence Unit (FIU), the crypto exchange said on Tuesday.
The Nasdaq-listed company, which was active in the country several years ago, faced a number of issues due to regulatory pressure and eventually backed away from India.
In 2022, it started operations in the country only to suspend them due to “informal pressure” from the Reserve Bank of India. The following year, the exchange shut off new user registration, while continuing to offer wallet services to Indian citizens.
The FIU registration allows Coinbase to bring its trading services to the Indian market.
Earlier this year, TechCrunch reported that Coinbase was in discussions with regulators, including the FIU, for a possible re-entry into India.
The Brian Armstrong-led exchange said it plans to start up retail services this year, adding that it is also looking at releasing other products and increasing investment in the country.
“India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations,” said John O’Loghlen, regional managing director for APAC at Coinbase.