Coinbase, the largest US crypto exchange, has expanded its operations in the Indian market by enabling direct rupee transfers between bank accounts and crypto markets for local customers. According to the company's blog post released on Sunday, users can now deposit and withdraw funds via the IMPS (Immediate Payment Service) system. This is reported by Cointelegraph.com .
This move follows Coinbase's official registration with India's Financial Intelligence Unit (FIU). This allows the exchange to operate legally under the country's anti-money laundering (AML) regulations. Indian traders can now access spot markets, perpetual futures, and the Advanced Trade interface through a single platform.
As a reminder, Coinbase attempted to enter the Indian market in 2022 but was forced to suspend services after facing issues with UPI-based payments. The new IMPS system, unlike competitors such as Binance and KuCoin, allows users to conduct transactions directly through banking infrastructure.
Despite the Indian government imposing a 30% tax on income from crypto assets and a 1% TDS on every transaction, the country remains one of the most attractive markets for digital assets globally. In the Chainalysis 2025 Global Crypto Adoption Index, India ranked first among 150 countries.
Coinbase has also created a dedicated INR (rupee) order book to ensure local liquidity. This makes it significantly easier for local users to trade in their national currency while leveraging the capabilities of a global exchange.
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