Coinbase Enables Direct Rupee Deposits and Withdrawals in India

Coinbase Launches Direct INR Banking Rails in India

Coinbase has introduced direct Indian Rupee (INR) banking rails in India, enabling deposits and withdrawals through the country’s Immediate Payment Service (IMPS). This eliminates the need for peer-to-peer intermediaries and streamlines the onboarding process for local users.

New Trading Features

The exchange has established dedicated INR order books, allowing Indian users to trade directly in rupees without converting through stablecoins or other intermediary assets. Coinbase has also launched perpetual futures contracts for major cryptocurrencies, providing Indian traders with access to leveraged instruments.

Coinbase is now live in India with direct INR rails, offering users across the country seamless access to global liquidity and institutional-grade execution at competitive trading costs.

Executive Statements

John O’Loghlen, Coinbase Regional Managing Director, APAC, stated that the exchange is “here for the long term” and has “invested meaningfully in the Indian ecosystem” in recent years.

Akshay Chugh, Coinbase India Product Lead, noted that the direct INR rails are “Gradually rolling out to all users,” and that “India is one of the most important markets for Coinbase globally.”

Regulatory Compliance and Market Growth

The infrastructure upgrades leverage Coinbase’s registration with India’s Financial Intelligence Unit, the government agency overseeing crypto compliance. This direct banking integration represents a significant technical advancement for international exchanges operating in India, where regulatory uncertainty has previously led platforms to rely on workarounds.

India has maintained its position as the global leader in crypto adoption for the third consecutive year, according to the 2025 Chainalysis Global Crypto Adoption Index. The Indian cryptocurrency market reached $3.04 billion in 2025 and is projected to reach $14.21 billion by 2034, with a compound annual growth rate of 18.66%.

Historical Context

This market expansion occurs despite India’s 30% tax on crypto gains and a 1% tax deducted at source on all transactions, among the highest crypto tax rates globally.

Coinbase’s current infrastructure marks a significant shift from its troubled 2022 India launch, when the exchange suspended UPI payment support shortly after the National Payments Corporation of India issued a public statement. Chief Executive Brian Armstrong attributed the suspension to “informal pressure” from the Reserve Bank of India, forcing Coinbase to operate with crypto-to-crypto trades only.

The exchange exited India entirely before returning in December 2025 with Financial Intelligence Unit registration. The two-year absence allowed Indian exchanges like CoinDCX and WazirX to gain market share while Coinbase navigated regulatory requirements and invested in the local ecosystem, including in CoinDCX.