After a pause of more than two years, the crypto exchange Coinbase has reopened its app for registration in India. Currently, users can make crypto-to-crypto trades. Speaking at India Blockchain Week, Coinbase’s APAC director John O’Loghlen announced the company plans to open a fiat on-ramp in 2026, which will allow users in India to load money and purchase crypto directly.
Coinbase initially launched services in India in 2022, but within days had to shut down support for the Unified Payments Interface payment network. This move followed a statement from the UPI operator, the National Payments Corporation of India, which refused to acknowledge Coinbase’s presence in the country. Later in 2023, Coinbase ceased all operations for Indian users and asked them to offload their accounts.
O’Loghlen explained the difficult decision, stating that the company had millions of historical customers in India. He said they took a clear stance to off-board those customers entirely from overseas entities to start with a clean slate, calling it the worst thing a commercial business could do from a revenue perspective, but a necessary step.
The company began engaging with India’s Financial Intelligence Unit, a government agency that oversees transactions and fraud, and successfully registered with them this year. In October, Coinbase started onboarding users through an early access program, and now the app is fully open to all users.
Many internet companies have established a base in India hoping to tap into the world’s second-largest online user base. While social platforms and AI companies have found rapid growth, crypto companies have faced a more difficult path due to strict regulations and taxation.
India levies a 30% tax on crypto income without any allowance for loss offset and also charges a 1% deduction on each transaction, which can discourage frequent trading. O’Loghlen expressed hope that the government will relax these taxation policies to make holding digital assets less burdensome.
Despite these challenges, Coinbase remains hopeful about the Indian market. The company’s venture arm recently increased its investment in the local exchange CoinDCX, valuing it at $2.45 billion. Coinbase also plans to expand its team of over 500 in the country by hiring for multiple roles focused on both local and global markets.
O’Loghlen emphasized the company’s goal to be known as a trusted exchange where user funds are safe. He stated that reaching the masses requires a really nice user interface and a trusted experience that allows onboarding in minutes, comparable to popular super apps in India like Zepto or Flipkart.