Coinbase on June 1 launched full retail trading services in India with direct Indian rupee support. Indian users can now deposit and withdraw funds through bank accounts using IMPS, without P2P rails or intermediaries. The Nasdaq-listed exchange also opened spot trading and perpetual futures for major crypto assets.
Coinbase said it built local INR order books for Indian customers. The exchange said this setup gives dedicated liquidity while preserving access to its global platform. Existing users will see INR rails roll out in the coming weeks.
John O’Loghlen, Coinbase’s Head of APAC, said the company now offers Indian retail traders the same platform used by institutions and traders around the world. He also said Coinbase registered with FIU-IND and plans a long-term presence in India.
The company said India remains one of crypto’s most important markets. It pointed to the country’s developer talent, trading activity, and wider blockchain adoption as key reasons for the launch.
Coinbase first opened its platform to Indian users in 2022. That launch quickly faced a setback after NPCI said it did not know about any such UPI arrangement with a crypto exchange.
This time, Coinbase took a different route. It is registered with the Financial Intelligence Unit, FIU-IND, which analyzes and shares information on suspicious financial transactions. The company said that the step supports its long-term strategy in the country.
The company also linked the launch to earlier investments in India. It holds an investment in CoinDCX, one of India’s leading crypto exchanges, and it has backed the builder community through Base.
Through its Ethereum Layer 2 network, Base, Coinbase said it invested over $1 million in Indian builders through hackathons, grants, and fellowships. The company added that more than 4,000 builders in India have built on Base, and about 150 projects have grown into startups.
Read More: Coinbase and Kalshi Launch Regulated Perpetual Crypto Futures for US Traders
Coinbase’s India expansion comes as it pushes harder into derivatives. The company said it recently received regulatory relief from the U.S. Commodity Futures Trading Commission. That move allows U.S. users to access offshore perpetual futures through its Deribit subsidiary.
The firm completed its $2.9 billion acquisition of Deribit last year. On the same day, the regulator approved Bitcoin-linked perpetual futures for Kalshi, while CME Group announced plans to extend Bitcoin futures and options trading to a continuous schedule.
At the same time, competition in perpetual futures keeps rising. Compass Point said low switching costs and more rival products may limit Coinbase’s ability to charge premium fees. The firm kept its Sell rating and its $140 price target.
Coinbase shares fell about 2.6 percent to near $184 by midday trading. Compass Point said Coinbase generated about $50 million in first-quarter revenue from perpetual futures, while retail trading revenue fell to its lowest level since the third quarter of 2024.
Coinbase’s India launch marks a major step in its retail expansion, with direct INR deposits, withdrawals, spot trading, and perpetual futures now available. Its FIU-IND registration and local INR order books show a stronger push into the market. The move puts the firm in a sharper position for India’s growing crypto sector.