Coinbase is in discussions with Indian regulators as it considers reentering the market after halting operations in 2023. The US-based cryptocurrency exchange has engaged with India’s Financial Intelligence Unit (FIU) to explore regulatory compliance, according to Cointelegraph.

Coinbase Legal Officer Joins USIBC Board

The development follows Coinbase’s Chief Legal Officer, Paul Grewal, joining the US-India Business Council (USIBC) global board of directors. The council facilitates business cooperation between the two countries. Grewal stated that he aims to support financial innovation and strengthen ties between the US and India.

“I’m honored to join the USIBC Board to help strengthen the bridge between India and the US in shaping the future of finance,” Grewal said.

“India has one of the largest and fastest-growing Web3 ecosystems in the world, with a booming developer community, pioneering startups, and bold institutional adoption. Since 2018, its share of global web3 developers has quadrupled to 12%, the highest growth among emerging markets,” he added.

India Registers Binance, KuCoin After Penalties

Coinbase discontinued its services in India in September 2023, asking users to withdraw funds. The exchange did not provide specific reasons for the exit. Earlier, in April 2022, Coinbase halted its United Payments Interface (UPI) service in India days after launching. The National Payments Corporation of India had stated that it did not recognize crypto-related UPI transactions.

Coinbase’s return would come as India maintains a strict stance on offshore crypto exchanges. The FIU imposed restrictions on several foreign platforms in late 2023 but later registered Binance and KuCoin after collecting penalties in May 2024. Reports in September 2024 suggested that two more offshore exchanges were under review for approval.