Crypto exchange Coinbase (COIN) is holding talks with Indian authorities in an effort to secure approval to return to the country it quit in 2023, Tech Crunch reported on Wednesday.
The exchange is in talks with regulators including the Financial Intelligence Unit (FIU), Tech Crunch said, citing two people familiar with the matter.
“Coinbase is excited by the opportunities in the Indian market, and intends to comply with applicable regulatory requirements, but we have nothing to announce regarding a FIU [Financial Intelligence Unit] registration at this time,” a spokesperson for the U.S. company told CoinDesk.
Coinbase suspended operations in India in 2022, days after starting up due to “informal pressure” from the Reserve Bank of India. In 2023, the exchange said it stopped allowing user registrations, but continued to offer its Coinbase wallet to citizens in 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 reestablish a presence in the world’s most populous country. Binance, the largest exchange by volume traded, registered with the FIU last year after paying a $2.2 million fine for operating without authorization. Bybit, ranked No. 2 on CoinGecko, registered after paying a $1 million fine.