Crypto Exchange Coinbase (Coin) is having conversations with the Indian authorities in an effort to ensure approval to return to the country that resigned in 2023, Tech Crunch reported Wednesday.
The exchange is in conversations with regulators, including the Financial Intelligence Unit (FIU), said Tech Crunch, citing two people familiar with the matter.
“Coinbase is excited about the opportunities in the Indian market and intends to meet the applicable regulatory requirements, but we have nothing to announce about a fiu [Financial Intelligence Unit] Registration at this time, “said a spokesman for the American company to Coindesk.
Coinbase suspended operations in India in 2022, days after starting due to the “informal pressure” of the Bank of the Reserve of India. In 2023, the exchange said he stopped allowing users’ records, but continued offering his wallet coinbase citizens in India and added that “he would explore ways of strengthening” his presence in the nation.
The company joins other cryptographic exchanges to seek to establish or restore a presence in the most populous country in the world. Binance, the largest exchange for negotiated volume, registered with the FIU last year after paying a fine of $ 2.2 million for operating without authorization. Bybit, ranked number 2 in Coingecko, registered after paying a fine of $ 1 million.
