Coinbase Relaunches in India: Crypto-to-Crypto Trading Resumes, INR Support Delayed Until 2026

Coinbase, the world’s largest publicly listed cryptocurrency exchange, has officially reopened its services in India after a two-year hiatus. The relaunch, announced quietly in December, allows Indian users to register and trade crypto-to-crypto pairs. However, fiat deposits in Indian rupees (INR) will not be available until 2026, marking a cautious re-entry into one of the world’s fastest-growing digital asset markets.

A cautious return

Coinbase first entered India in April 2022 but quickly suspended Unified Payments Interface (UPI) support after the National Payments Corporation of India (NPCI) distanced itself from crypto transactions. By 2023, the exchange had fully off-boarded Indian users.

This time, Coinbase is taking a compliance-first approach. The company has registered with India’s Financial Intelligence Unit (FIU), signaling its intent to align with local anti-money laundering and reporting requirements. At India Blockchain Week, Coinbase APAC Director John O’Loghlen confirmed that fiat on-ramps will be introduced in 2026.

Current limitations

• Crypto-to-crypto trading only: Indian users can trade pairs like BTC/ETH but cannot deposit or withdraw INR.
• Fiat integration delayed: INR deposits and withdrawals are expected in 2026.
• Regulatory uncertainty: India’s 30% tax on crypto gains and 1% TDS per transaction remain significant hurdles.

Competitive landscape

Coinbase’s delayed fiat rollout places it behind local rivals:

Feature	Coinbase (India, 2025 relaunch)	WazirX	CoinDCX
Fiat Support (INR)	Not available until 2026	Full INR deposits/withdrawals	Full INR deposits/withdrawals
Trading Options	Crypto-to-crypto pairs only	Spot, P2P, futures	Spot, margin, futures
Fees	Globally competitive, INR fees TBD	~0.2% trading fee	~0.1% trading fee
Liquidity	Global liquidity, limited INR access	Strong local liquidity	Moderate liquidity
Regulatory Status	FIU registered	Indian compliance	Indian compliance

Strategic outlook

Coinbase’s India relaunch is less about immediate retail dominance and more about long-term positioning. By securing FIU registration and promising INR integration in 2026, the company is betting on regulatory clarity and institutional adoption.

Yet, the trust gap remains. Coinbase’s abrupt 2023 exit left many Indian users wary, and its delayed fiat support risks ceding ground to entrenched rivals. Success will depend on whether Coinbase can rebuild credibility and leverage its global brand to attract Indian traders once INR deposits go live.

The bottom line

• Near-term practicality: Indian users seeking INR access will find WazirX and CoinDCX more practical.
• Coinbase’s proposition: Global liquidity and compliance assurances, but patience required until 2026.
• Market watch: The coming year will determine whether Coinbase can reclaim relevance or remain secondary until regulatory clarity arrives.