Crypto Exchange Coinbase (Coin) holds conversations with Indian authorities in an attempt to secure approval to return to the country it held up by 2023, Tech Crunch reported Wednesday.
The exchange is in conversations with regulators, including the Financial Intelligence Unit (FIU), said Tech Crunch, quoting two people who are familiar with the case.
“Coinbase is excited about the possibilities of the Indian market and intends to comply with applicable regulatory requirements, but we have nothing to advertise about a FIU [Financial Intelligence Unit] Registration at this time, “a spokesman for the US company Coindesk told.
Coinbase suspended operations in India in 2022, days after starting due to “informal pressure” from the Indian Reserve Bank. By 2023, the exchange said it stopped allowing user registrations, but continued to offer its coinbase design book to the citizens of India and added that it would “explore ways to strengthen” its presence in the nation.
The company joins other crypto exchanges in looking to establish or restore a presence in the world’s most populous country. Binance, the largest exchange of volume traded, registered with FIU last year after paying a $ 2.2 million fine for operation without permission. BYBIT, ranked No. 2 on CoingeCko, registered after paying a $ 1 million fine.
