Coinbase has enabled direct INR deposits and withdrawals in India via IMPS, offering spot trading and perpetual futures after securing FIU-IND registration. | Credit: CCN.com
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Coinbase has launched direct INR deposits and withdrawals in India, allowing users to move funds between bank accounts and the exchange via IMPS.
The rollout follows Coinbase’s registration with FIU-IND, bringing the platform into compliance with India’s regulations for virtual digital asset service providers.
Indian users can now access spot trading and perpetual futures, expanding Coinbase’s local offering beyond crypto-to-crypto transactions.
Coinbase has officially expanded its presence in India by enabling direct deposits and withdrawals in Indian rupees (INR), marking a significant milestone in the exchange’s long-term efforts to establish itself in one of the world’s fastest-growing cryptocurrency markets.
The move allows Indian customers to transfer funds directly between their bank accounts and Coinbase through the Immediate Payment Service (IMPS), eliminating the need for peer-to-peer (P2P) workarounds or third-party intermediaries.
The launch comes after Coinbase secured registration with India’s Financial Intelligence Unit (FIU-IND), ensuring compliance with the country’s regulatory framework for virtual digital asset service providers.
In addition to direct INR support, Coinbase is introducing spot trading, perpetual futures, and professional trading tools for Indian users, underscoring its commitment to expanding crypto access in the country despite a challenging regulatory and tax environment.
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Coinbase described India as one of the most important markets for cryptocurrency innovation, citing the country’s growing developer ecosystem, trading activity, and blockchain adoption.
The company has steadily increased its investments in India over the past several years.
Coinbase is an investor in CoinDCX, one of India’s largest cryptocurrency exchanges, and has supported the local blockchain ecosystem through grants, hackathons, and educational initiatives linked to Base, its Ethereum Layer-2 network.
According to Coinbase, more than 4,000 Indian developers have built projects on Base, with roughly 150 of those projects evolving into startups.
The company has also sponsored Indian founders and students through international programs and startup demo days in cities such as New York and San Francisco.
The latest launch represents Coinbase’s most comprehensive retail offering in India to date. Customers can now deposit INR directly from their bank accounts via IMPS, trade cryptocurrencies, and withdraw funds back into their bank accounts through the same process.
The rollout is being introduced gradually, however. Some users have reported receiving “Buys not supported” notifications after completing onboarding and know-your-customer (KYC) verification requirements.
Coinbase executives have indicated that access is expanding in phases rather than being restricted nationwide.
New Trading Features Bring Global Coinbase Experience to India
The launch gives Indian customers access to a broader range of products that were previously unavailable through Coinbase’s local offering.
Users can trade spot markets across multiple cryptocurrencies and access perpetual futures contracts tied to major digital assets. Coinbase has additionally introduced local INR order books, enabling Indian users to trade against domestic liquidity while retaining access to the exchange’s global marketplace.
For advanced traders, Coinbase Advanced offers institutional-grade APIs, WebSocket order-book streaming, multiple order types, and integrated TradingView charting tools.
The exchange stated that there are no fees for INR deposits, while trading fees are designed to remain competitive with local exchanges.
Coinbase also argues that its deeper global liquidity may help reduce spreads and slippage compared with thinner local trading venues, particularly for larger orders.
The expansion reflects Coinbase’s broader strategy of competing directly with both domestic exchanges and international platforms that serve Indian customers.
Second Attempt Comes Amid Regulatory Challenges
The launch also represents a notable comeback for Coinbase in India after its troubled first attempt in 2022.
At that time, Coinbase launched support for India’s popular Unified Payments Interface (UPI) system but suspended the service within days following public objections from the National Payments Corporation of India (NPCI).
Coinbase CEO Brian Armstrong later suggested that informal pressure from the Reserve Bank of India contributed to the setback.
By opting for IMPS rather than UPI, Coinbase appears to have found a path back into the market while maintaining compliance with local regulations.
The relaunch comes despite India’s strict crypto tax regime, which imposes a 30% tax on cryptocurrency gains and a 1% tax deducted at source (TDS) on transactions.
Those rules have pushed significant trading activity offshore in recent years, even as India continues to rank among the world’s leaders in grassroots crypto adoption.
Coinbase is betting that direct bank rails, regulatory compliance, and institutional-grade infrastructure will help attract Indian traders looking for a trusted platform.
The company is also highlighting its status as a NASDAQ-listed firm, its role as a custody partner for major institutions including BlackRock, and its audited financial disclosures as key differentiators.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
