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Coinbase Registers with Indian Financial Watchdog to Offer Crypto Trading

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Coinbase Global, the U.S.-based cryptocurrency exchange, has registered with India’s Financial Intelligence Unit (FIU), paving the way for its entry into the Indian crypto market. This registration allows Coinbase to offer crypto trading services in compliance with India’s financial regulations. The company announced on Tuesday that it plans to launch initial retail services later this year, with further investments and product offerings to follow, though a specific timeline has not been disclosed.

India has seen a surge in cryptocurrency interest, particularly among young investors eager to explore digital assets as an alternative income source. Local crypto exchanges such as CoinDCX, Binance, and KuCoin already operate in the country.

“India represents one of the most exciting market opportunities in the world today, and we’re proud to deepen our investment here in full compliance with local regulations,” said John O’Loghlen, Coinbase’s regional managing director for Asia Pacific.

Under Indian law, virtual digital asset service providers, including crypto exchanges, must register with the FIU as reporting entities and adhere to the country’s anti-money laundering regulations. While India imposes a 30% tax on crypto trading gains—one of the highest globally—it has yet to establish comprehensive regulations for the sector.

The government’s stance on cryptocurrencies is under review, influenced by evolving global regulations and recent U.S. policy changes, particularly following Donald Trump’s presidential victory last year. A senior official indicated last month that India is closely monitoring international trends before finalizing its approach to crypto regulation.

Bybit Suffers Largest Crypto Hack, Nearly $1.5 Billion Stolen

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Bybit, one of the world’s leading cryptocurrency exchanges, has suffered what analysts are calling the largest crypto hack in history, with nearly $1.5 billion worth of tokens stolen. Early investigations suggest that North Korean hackers may be behind the attack. The breach has sent shockwaves through the industry, raising concerns over the security of even the most prominent digital asset platforms.

Details of the Attack

Bybit CEO Ben Zhou confirmed the hack in a post on X, stating that the attacker managed to gain control of one of the exchange’s offline Ethereum wallets. Blockchain analysts, including ZachXBT, tracked the stolen assets, reporting that an estimated $1.46 billion was siphoned off in a series of suspicious transactions. Research firm Arkham Intelligence further verified that around $1.4 billion in funds had begun moving to new addresses, where they were being liquidated.

The Largest Crypto Heist in History

According to blockchain analytics firm Elliptic, this incident now stands as the biggest crypto theft ever recorded, surpassing the $611 million stolen from Poly Network in 2021. Rob Behnke, co-founder and executive chairman of blockchain security firm Halborn, described it as potentially the largest financial hack ever, not just within the crypto space. The scale of the breach highlights the increasing sophistication of cybercriminals targeting digital assets.

Security Concerns and Industry Fallout

The Bybit hack has intensified concerns about the vulnerabilities of crypto exchanges, even those with strong reputations. It also underscores the growing threat of state-sponsored cybercrime, with North Korea-linked hacker groups frequently implicated in high-profile crypto heists. As regulators and security firms analyze the breach, the incident is likely to trigger renewed calls for stricter security measures and oversight in the crypto industry.

Coinbase Announces US Securities Regulator to Withdraw Lawsuit

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Coinbase announced on Friday that the U.S. Securities and Exchange Commission (SEC) intends to withdraw its lawsuit against the cryptocurrency exchange, marking the end of a protracted legal battle that had significant implications for both the company and the broader crypto industry. The case was seen as a major test of regulatory oversight in the sector, with potential consequences for the future of digital asset trading in the United States.

Since President Donald Trump took office, the SEC has rapidly shifted its approach to cryptocurrency regulation under Republican leadership. The agency has moved to establish a specialized task force focused on digital assets and has rolled back key accounting guidance that had previously been a point of contention for crypto firms. These changes reflect a broader effort to redefine the regulatory landscape governing digital currencies.

The SEC declined to comment on the decision, but reports indicate that the agency has been reviewing its ongoing litigation strategy. Even before formally updating its regulations, the commission was expected to reconsider pending court cases, potentially reversing actions taken under the previous leadership.

The move to dismiss the lawsuit against Coinbase is among the most significant steps taken under the SEC’s acting Republican leadership. The case was one of several high-profile legal actions initiated by the agency’s previous chair, and its withdrawal signals a major shift in the government’s stance on crypto enforcement.