Coinbase starts onboarding users again in India, plans for fiat on-ramp next year

After a Hiatus, Coinbase Reopens App Registration in India

After a pause of more than two years, crypto exchange Coinbase has opened its app for registration in India. At the moment, users are able to make crypto-to-crypto trades — but speaking at India Blockchain Week (IBW), Coinbase’s APAC director John O’Loghlen said the company will open up a fiat on-ramp in 2026, allowing users in India to load money and buy crypto.

Coinbase initially opened its services in India back in 2022, but had to shut down support for the Unified Payments Interface (UPI) payment network shortly after due to NPCI’s refusal to acknowledge Coinbase’s presence in the country. In 2023, Coinbase ceased all operations for Indian users and asked them to offload their accounts.

John O’Loghlen explained, “We had millions of customers in India, historically, and we took a very clear stance to off-board those customers entirely from overseas entities, where they were domiciled and regulated. Because we wanted to kind of burn the boats [sic], have a clean slate here. As a commercial business person wanting to make money and active users, that’s like the worst thing you can do, and so you know it wasn’t without some hesitation.”

After engaging with the Financial Intelligence Unit (FIU) and registering with them this year, Coinbase began onboarding users through early access in October, with the app now open to all users.

Despite challenges such as strict regulations and taxation on cryptocurrencies in India, Coinbase remains optimistic about the market. The company’s venture arm has invested in local exchange CoinDCX at a $2.45 billion post-money valuation and plans to expand its team in India by hiring for various roles focusing on both local and global markets.

“I think we want to be known as that trusted exchange, ensure that your funds are safe with us,” O’Loghlen said. “We’re not going to get out to the masses if you can’t have a really nice UI, a trusted experience that allows you to onboard in a matter of minutes in the same way that you do with you know Zepto or Flipkart or any other super app in India.”