Coinbase Returns to India: Can Binance Hold Its Ground?
TradingKey - Coinbase has received regulatory approval to re-enter the Indian market, posing a challenge to Binance's monopoly in the country.
On Wednesday, Decrypt reported that Coinbase (COIN) has obtained regulatory approval in India, allowing the exchange to offer cryptocurrency trading services in the country.
According to the 2024 Chainalysis report, India has the highest grassroots cryptocurrency adoption rate in the world and a strong decentralized finance (DeFi) sector. Data from Coinbase shows that India is home to the largest pool of on-chain talent, with 12% of global developers residing in India as of 2023.
John O'Loghlen, Managing Director of Coinbase for the Asia-Pacific region, stated in a declaration, "India's developer community and entrepreneurial energy are unparalleled."
Coinbase initially expanded into India in 2022 but exited the market in 2023 due to regulatory hurdles. Now, with its return, Coinbase is set to challenge Binance's dominance and compete for a larger share of the Indian cryptocurrency market.
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