Major U.S. crypto exchange Coinbase (COIN) is making a quiet return to the massive Indian market after a messy two-year absence. The exchange has resumed app registrations in India, allowing customers to sign up immediately for crypto-to-crypto trades, with plans to roll out local fiat (Rupee) on-ramps by 2026.
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Coinbase’s APAC Director, John O’Loghlen, speaking at India Blockchain Week, admitted the firm had to “burn the boats” and off-board millions of customers in 2023 to achieve a “clean slate” with domestic regulators. This strategic re-entry follows a troubled 2022 debut where the exchange was forced to abandon support for the country’s dominant UPI payment system within days.
“Clean Slate” Strategy Fuels Cautious Relaunch
Coinbase is now taking a measured, compliance-first approach. The company successfully registered with India’s Financial Intelligence Unit (FIU) earlier this year, a critical step for anti-money laundering compliance. This paved the way for the relaunch, which began quietly with an early-access program in October.
For now, new Indian users can only execute crypto-to-crypto trades, meaning they cannot yet fund their accounts with local Rupees. The full fiat on-ramp, an important feature for mass adoption, is deliberately delayed until 2026 to ensure the system complies with India’s stringent regulatory framework.
The exchange is working at the same time to build stronger relationships with the government. Coinbase’s international policy advisor recently spoke for the company before India’s top financial committee. They shared hope for new, supportive rules for digital assets. To show its strong commitment, the exchange also recently signed an agreement with the Karnataka IT minister to work together on Base protocol startup support and cybersecurity.
Local Investment Signals Long-Term Bet
Coinbase is not relying only on its own brand for this big comeback. The company is actively working with the local market by having its venture team recently put more money into local crypto exchange CoinDCX. This investment, which now values CoinDCX at $2.45 billion, is a smart bet. It shows Coinbase thinks local companies can handle India’s tough government rules better than outsiders can.
This major investment in local partners, along with Coinbase’s plan to grow its India team of over 500 workers, proves a bigger point. The company sees India not just as a place to sell crypto, but as a key talent center and a vital market bridge to help Coinbase expand its business across the wider Asian market.
Is Coinbase a Good Buy?
Analyst sentiment toward Coinbase Global (COIN) is rated as a Moderate Buy, based on the consensus of 24 Wall Street analysts tracked in the last three months. Of these ratings, 15 analysts call it a Buy, eight recommend a Hold, and one recommends a Sell.
The average 12-month COIN price target sits at $396.30. This target implies a significant upside potential of 46.92% from the last price.
