Coinbase Resumes User Onboarding in India, Plans Fiat On-Ramp for 2026
After a hiatus exceeding two years, Coinbase, the prominent cryptocurrency exchange, has reopened its platform for user registrations in India. Currently, Indian users can engage in crypto-to-crypto transactions. Speaking at India Blockchain Week (IBW), John O’Loghlen, Coinbase’s APAC director, announced plans to introduce a fiat on-ramp in 2026, enabling users to deposit local currency and purchase cryptocurrencies directly.
Coinbase initially launched its services in India in 2022. However, shortly after, the company had to suspend support for the Unified Payments Interface (UPI) payment network. This suspension followed the National Payments Corporation of India’s (NPCI) refusal to acknowledge Coinbase’s operations within the country. By 2023, Coinbase ceased all operations for Indian users, advising them to close their accounts.
Reflecting on this decision, O’Loghlen stated, We had millions of customers in India, historically, and we took a very clear stance to off-board those customers entirely from overseas entities, where they were domiciled and regulated. Because we wanted to kind of burn the boats [sic], have a clean slate here. As a commercial business person wanting to make money and active users, that’s like the worst thing you can do, and so you know it wasn’t without some hesitation.
In an effort to reestablish its presence, Coinbase engaged with the Financial Intelligence Unit (FIU), a government agency overseeing financial transactions and fraud. The company successfully registered with the FIU this year. In October, Coinbase began onboarding users through an early access program, and the app is now accessible to all users in India.
India’s vast online user base has attracted numerous internet companies. While social platforms and AI firms like OpenAI have experienced rapid growth, cryptocurrency companies have faced challenges due to stringent regulations and taxation policies. India imposes a 30% tax on crypto income without allowing loss offsets and enforces a 1% deduction on each transaction, potentially deterring frequent trading. O’Loghlen expressed hope that the government might reconsider these taxation policies to alleviate the burden on digital asset holders.
Despite these hurdles, Coinbase remains optimistic about its prospects in India. The company’s venture arm recently increased its investment in local exchange CoinDCX, valuing it at $2.45 billion post-money. Additionally, Coinbase plans to expand its team of over 500 employees in India by hiring for various roles focused on both local and global markets.
O’Loghlen emphasized the company’s commitment to building trust, stating, I think we want to be known as that trusted exchange, ensure that your funds are safe with us. We’re not going to get out to the masses if you can’t have a really nice UI, a trusted experience that allows you to on board in a matter of minutes in the same way that you do with you know Zepto or Flipkart or any other super app in India.
