Coinbase (Coin) is one step closer to return completely to India after ensuring registration in the Financial Intelligence Unit (FIU), the cryptography exchange said on Tuesday.
The company that mentioned the Nasdaq, which was active in the country several years ago, faced a series of problems due to regulatory pressure and finally moved away from India.
In 2022, it began operations in the country only to suspend them due to the “informal pressure” of the Bank of the Reserve of India. The following year, the exchange closed the registration of new users, while continuing to offer wallet services to Indian citizens.
The FIU record allows Coinbase to bring its commercial services to the Indian market.
Earlier this year, Techcrunch reported that Coinbase was in conversations with the regulators, including the FIU, for a possible re -entry to India.
The exchange led by Brian Armstrong said he plans to start retail services this year, adding that he is also looking to release other products and increase investment in the country.
“India represents one of the most exciting market opportunities in the world today, and we are proud to deepen our investment here to comply with the fulfillment of local regulations,” said John O’Loghlen, regional managing director of Apac in Coinbase.
