Crypto Exchanges Race for Indian Market — Who’s Next After Binance and Coinbase?
Global crypto exchanges like Coinbase and Binance are re-entering India's growing market after regulatory hurdles eased.Summary
After a period of regulatory pressure that forced many to exit, global cryptocurrency exchanges are now racing to re-establish themselves in the Indian market. Coinbase has recently reopened access to Indian users, following Binance's relaunch last year. Coinbase initially launched in 2022 but had to halt services due to regulatory pushback regarding UPI integration, but has now registered with India’s Financial Intelligence Unit (FIU). While trading is currently limited to crypto pairs, local currency support is anticipated by 2026. Other major players are also preparing comebacks; Kraken is actively seeking approvals, and Bitget is in the process of FIU registration. This renewed interest stems from India's massive potential, ranking first in Chainalysis' crypto adoption index for three years, with the market projected to grow from $2.6 billion to $15 billion over the next decade, despite continued skepticism from senior financial regulators.
(Source：CCN)