Coinbase adds direct rupee deposits and withdrawals in India

The cryptocurrency exchange Coinbase has launched direct Indian rupee deposit and withdrawal services for users in India, a significant expansion of its presence in a major global market. The service, which began on June 1, allows customers to move funds directly between their local bank accounts and the exchange using India's Immediate Payment Service (IMPS), eliminating the need for peer-to-peer mechanisms or third-party intermediaries.

This move provides Indian retail traders with a regulated pathway to fund accounts, trade on spot and perpetual futures markets, and withdraw rupees back to their bank accounts. Alongside the new payment rails, Coinbase is offering spot trading across multiple crypto assets, perpetual futures contracts linked to major cryptocurrencies, and dedicated local rupee order books to provide liquidity for Indian customers while maintaining access to its global exchange infrastructure.

The launch follows Coinbase's registration with India's Financial Intelligence Unit (FIU-IND), a step the company says ensures compliance with local anti-money laundering rules and tax requirements. John O'Loghlen, Coinbase's regional managing director for Asia Pacific,...