Coinbase Adds Direct INR Transfers via IMPS in India Push

Coinbase has launched direct Indian rupee deposits and withdrawals through India’s Immediate Payment Service (IMPS), removing the need for peer-to-peer workarounds and connecting Indian retail traders to the exchange’s global platform for the first time without friction.

The move marks the most significant expansion by the U.S.-listed exchange in India since a failed 2022 UPI debut. 

It puts Coinbase directly into competition with established domestic platforms at a moment when India’s cryptocurrency market is valued at $3.04 billion and is projected to reach $14.21 billion by 2034.

How the P2P Barrier Broke Down for Indian Traders

For years, Indian users who wanted access to global crypto exchanges faced a fractured experience. 

They relied on peer-to-peer transfers, third-party payment processors, and unofficial channels. 

Those routes came with payment disputes, delays, and the risk of bank account freezes.

The IMPS integration changes that setup entirely. Users can now deposit rupees from a bank account, trade across a range of spot assets, and withdraw INR back to the same account. 

IMPS operates 24 hours a day, seven days a week. Coinbase says there are no deposit fees on INR, and taker fees on its Advanced platform are benchmarked against local exchanges.

Along with spot trading, Indian customers now have access to perpetual futures contracts on major crypto assets and dedicated local INR order books. 

Coinbase Advanced, the exchange’s professional-grade product, includes institutional-standard APIs, WebSocket order book streaming, and TradingView charting.

From 2022 Exit to Regulated Reentry: The Timeline

Coinbase first tried to enter India in April 2022 by supporting the Unified Payments Interface (UPI). 

That attempt collapsed within days after India’s National Payments Corporation declined to acknowledge Coinbase’s presence. 

The company fully withdrew from India in 2023 and instructed local users to withdraw their funds.

The current return began with regulatory groundwork. Coinbase registered with India’s Financial Intelligence Unit on March 11, 2025, becoming one of only four offshore exchanges to complete that process. 

Registration requires compliance with anti-money laundering rules under India’s Prevention of Money Laundering Act, including KYC obligations and transaction reporting.

Crypto-only trading, with no fiat movement, resumed in December 2025 after a two-year pause. 

The IMPS rollout announced June 1, 2026 completes the fiat layer that was absent from that initial return.

“We registered with FIU-IND and comply with all Indian taxation law requirements,” Coinbase said in its launch statement. The company added that it plans to serve Indian users for the long term.

What the Market Entry Means for India’s 119 Million Crypto Owners

India leads the world with approximately 119 million cryptocurrency owners, according to the Chainalysis Global Crypto Adoption Index, which has ranked India first for two consecutive years. 

That user base, combined with a young demographic (72 percent of investors are under 35), gives Coinbase a large addressable market.

The company has been building relationships ahead of the fiat launch. Coinbase is an investor in CoinDCX, one of India’s largest domestic exchanges. 

Through its Base Ethereum Layer 2 network, it has directed more than $1 million into the Indian builder community.

 More than 4,000 developers in India have built on Base, with roughly 150 of those projects growing into active startups.