US-listed crypto exchange Coinbase has announced a major upgrade for its Indian users: direct rupee (INR) transfers via local banking infrastructure. The new system is now live, allowing Indian customers to deposit funds instantly through IMPS (Immediate Payment Service) and trade spot and perpetual markets from day one.
IMPS Instant Transfers: Bridging Banks and Crypto
According to an official statement, Indian users can now transfer INR directly to their Coinbase accounts via IMPS, with withdrawals also processed in the same fiat currency. The instant settlement slashes traditional waiting times—funds appear in the balance within seconds, significantly improving capital utilization for active traders.
Unlike previous workarounds that involved stablecoin swaps or third-party payment gateways, this native INR on/off ramp taps directly into India's banking network. The exchange emphasized that from launch, users can seamlessly access both spot and perpetual markets without extra friction.
Spot & Perpetuals: INR Order Books Deepen Local Liquidity
Beyond standard crypto trading, Coinbase India is offering perpetual futures contracts for major cryptocurrencies. Using INR-denominated order books, the platform aims to build local liquidity pools for retail and institutional traders. API access and WebSocket-based order book integration are available for institutional clients, supporting algorithmic trading and real-time data feeds.
The perpetuals come with leverage options (specific multipliers undisclosed), with Coinbase stressing its risk management and compliance framework. All trading pairs are quoted in INR, eliminating order book distortion from exchange rate volatility—a rarity in the Indian crypto landscape.
Compliance First: FIU Registration and Phased Rollout
Coinbase confirmed it has completed registration with India's Financial Intelligence Unit (FIU-IND), adhering to anti-money laundering and counter-terrorism financing obligations. This registration grants the exchange a clearer legal footprint in the country. New users can open verified accounts and start trading immediately; existing users will see direct INR features enabled gradually. The company plans to extend these localized tools to its broader Indian user base over time.
This move marks Coinbase's renewed push into India after a previous setback due to regulatory pressures. In 2023, the Reserve Bank of India maintained a cautious stance on crypto, but by 2024 FIU registration became the baseline for compliant operations. Coinbase's action signals a long-term bet on India's market potential, despite fierce competition from local incumbents like WazirX and CoinDCX.