Coinbase has turned on direct rupee bank transfers in India, letting users move money between local bank accounts and the exchange for spot and futures trading. The move comes after the company received approval from the Financial Intelligence Unit, India's anti-money laundering watchdog.
How IMPS works for Indian users
The transfers run through India's Immediate Payment Service, a real-time interbank system that settles transactions in seconds. Users can now deposit and withdraw rupees directly from their bank accounts to the Coinbase platform, skipping workarounds like peer-to-peer trading or third-party payment processors. The feature covers both spot and futures markets, giving traders a faster on-ramp for crypto positions.
Regulatory green light
The Financial Intelligence Unit's approval signals that Coinbase meets India's anti-money laundering and counter-terrorism financing rules. Crypto exchanges operating in the country must register with the FIU and comply with reporting obligations. Coinbase had previously faced regulatory hurdles in India, but the direct transfer service suggests the exchange has cleared a key compliance hurdle.
What this means for Coinbase's India push
Coinbase first entered the Indian market in 2021 but later scaled back some services amid regulatory uncertainty. The FIU clearance and the new IMPS integration indicate a renewed effort to serve Indian customers directly. Spot and futures trading are now accessible with a local bank account, cutting out the friction that once required users to source rupees through alternative channels.
The company has not disclosed how many Indian users it has or the volume of rupee transactions it expects from the new service. But the infrastructure is now in place, and the next question is how quickly Indian traders adopt it.
