Coinbase works more than a year after it officially stopped to officially act in the world’s most populated nation.

The American Crypto Exchange is engaged in various Indian authorities, including the Financial Intelligence Unit (FIU), an Indian government agency investigating financial transactions, according to two sources familiar with the case that anonymity requested as deliberation, is constantly and private.

Coinbase’s work on its comeback follows a turbulent history in the South Asian market. Binance, the world’s largest cryptocurrency scholarship, resumed in India in August after registering with the FIU following a seven-month regulatory strike. The move has set up a precedent for foreign crypto exchanges that want to work in India.

Coinbase’s previous attempt to launch services in India ended in 2022 suddenly. The scholarship was launched in April of that year with many fanfare, and introduced support for the UPI system for United Payments Interface (UPI). The company had to suspend the service just three days later after India’s national payment business, which oversaw UPI, refused to recognize Coinbase’s operations.

Coinbase CEO Brian Armstrong later announced that the outfit was facing ‘informal pressure’ of the Reserve Bank of India, which led to the stories of the trade. Although cryptocurrency trading is not illegal in India, borrowers largely refuse to do business with virtual asset firms in the country to upset the central bank, according to many entrepreneurs, investors and other officials.

The timing of the potential relocation of Coinbase depends on how long it takes to ensure the necessary approvals, including a license to work from the FIU. The agency previously ruled that many exchanges, including Kraken and Binance, work ‘illegally’ in India. (Many of these firms have since complied with the FIU, which requires broader revelations about user activities.)

“Coinbase is excited about the opportunities in the Indian market and intends to meet the appropriate regulatory requirements,” a company spokesman told TechCrunch, who refuses to share any update on the FIU registration.

The interest of the crypto exchange in India comes because it is investigating a broader international expansion, according to the CFO -CFO Alesia Haas at a recent Goldman Sachs conference.

Although India is an important overseas market for US technical giants, the crypto market remains small -partly because the local government has implemented a 30% tax on crypto income and a 1% deduction in 2022.

A reopening to India could help fill the void left by the collapse of the Indian Exchange Wazirx after the firm lost about half of its reserves in a heist. Now Coalsswitch and CoindCX are the top Indian crypto exchanges, and both are supported by Coinbase.