Coinbase Explores Return to India Amidst User Scams
Cryptocurrency exchange Coinbase is exploring a potential comeback to the Indian market after leaving in 2023. Talks with local regulators are ongoing, with the company aiming to return over a year after its exit. Meanwhile, Coinbase users have fallen victim to social engineering scams, resulting in significant losses.
Coinbase is currently in discussions with multiple Indian regulatory bodies, including the Financial Intelligence Unit (FIU), about a possible return to the market. This comes as India reevaluates its stance on cryptocurrency regulation, reflecting evolving global attitudes towards digital assets.
The potential return coincides with a series of social engineering scams that have targeted Coinbase users. Between December 2024 and January 2025, users lost at least $65 million, with the actual figure potentially higher. Scammers have exploited stolen database information to impersonate Coinbase representatives and redirect users to counterfeit Coinbase websites. These incidents have raised concerns about security and fraud prevention measures at the exchange.
Coinbase's return to India would mark over a year since it ceased operations in the country in September 2023. The Indian government is currently reviewing a discussion paper on crypto policies, initially scheduled for release in September 2024 but delayed due to competing policy priorities. The Securities and Exchange Board of India (SEBI) has not exempted external platforms from demands for more transparency regarding user activities, although it has possibly classified Coinbase as an illegal entity.
Coinbase's potential return to India signals a shift in the country's stance on cryptocurrency regulation. However, the recent social engineering scams that have targeted Coinbase users highlight the need for robust security measures and fraud prevention strategies in the cryptocurrency industry.
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