What to know:
- Coinbase secures FIU registration, paving way for return to India.
- Trading services to be reintroduced, with initial retail services starting later this year.
- Coinbase views India as a significant market opportunity and plans to release more products.
Well, folks, it seems Coinbase (COIN) is dusting off its passport and preparing for a grand return to India, all thanks to a shiny new registration with the Financial Intelligence Unit (FIU). Who knew regulatory paperwork could be so thrilling? 🎉
Once upon a time, in a land not so far away, Coinbase was the belle of the ball in India. But alas, like a bad date, they faced a series of unfortunate events—regulatory pressure, awkward silences, and eventually, a dramatic exit. It was like watching a soap opera, but with fewer plot twists and more spreadsheets.
In 2022, they tiptoed back into the Indian market, only to be met with “informal pressure” from the Reserve Bank of India. I mean, who doesn’t love a little informal pressure? It’s like being asked to do the dishes while you’re still in your pajamas. The following year, they decided to stop new user registrations, but hey, at least they kept the wallet services running. Talk about commitment! đź’Ľ
Now, with the FIU registration in hand, Coinbase is ready to unleash its trading services upon the unsuspecting Indian market. Earlier this year, TechCrunch reported that Coinbase was in deep discussions with regulators—probably over chai and samosas—about their potential re-entry into India.
According to the ever-optimistic Brian Armstrong, they plan to kick off retail services this year and are eyeing other products like a kid in a candy store. “India represents one of the most exciting market opportunities in the world today,” said John O’Loghlen, regional managing director for APAC at Coinbase. I mean, who wouldn’t want to invest in a country with a billion people and a penchant for spicy food? 🌶️
So, buckle up, India! Coinbase is back, and they’re ready to play by the rules this time. Or at least, they promise to try. 🤷‍♂️
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2025-03-11 13:18