Exchange Coinbase to end its operations in India amid regulatory challenges

Exchange Coinbase to end its operations in India amid regulatory challenges
фото показано с : invezz.com

2023-9-11 09:03

In another turn of events in the cryptocurrency world, exchange Coinbase plans to suspend its trading offerings in India from 25 September. The firm emailed its Indian users about the development, citing regulatory challenges.

𝐁𝐫𝐞𝐚𝐤𝐢𝐧𝐠 𝐧𝐞𝐰𝐬: Coinbase said in an email that it would stop providing all trading services to users in India after September 25 and advised users to withdraw all funds in their accounts. Additionally, Coinbase has banned Indian users from registering on the exchange.

— Vj | Halo Wallet (@vjarsh09) September 11, 2023

Meanwhile, the email’s details show the notice targeted specific Indian users, especially those violating the platform’s standards.

“We will be disabling access for the retail accounts that no longer meet our updated standards…”

Coinbase has urged users to download Coinbase Wallet as it has suspended new sign-ups. Moreover, customers should withdraw any money from their account before 25 September.

Coinbase seems to have failed to establish itself in India despite investing in the leading cryptocurrency exchanges in the country, CoinSwitch Kuber and CoinDCX.

Coinbase exits India amid regulatory challenges

Coinbase’s plan to exit the Indian market comes after several months of working to re-introduce itself in the nation. Meanwhile, the trading company has encountered massive challenges in satisfying local regulators.

The struggle to attain authorization from Indian authorities has seen Coinbase losing its top executives, including Market Expansion director Durgesh Kaushik.

Coinbase chief Brian Armstrong visited India in 2022 to launch the exchange, announcing the integration of India’s payment platform UPI (Unified Payments Interface) within no time. Nonetheless, NPCI, the payment organization monitoring UPI, failed to acknowledge Coinbase India.

Coinbase recently announced debut for crypto exchange in India which will have support for the popular UPI payment instrument in India.

Soon after NPCI issued statement that they are not aware of any crypto exchange using UPI. pic.twitter.com/WByH3iedRE

— Crypto India (@CryptooIndia) April 8, 2022

That forced the exchange to suspend UPI integration while promising to cooperate with NPCI and other authorities to ensure compliance. However, things appeared to have failed.

Armstrong revealed they disrupted Coinbase UPI services in May, citing “informal pressure” from India’s central bank. The CEO clarified that digital assets aren’t illegal in the country, and India is streamlining the operations, citing their recently introduced crypto taxation.

Despite the seeming failure in India, Coinbase continues to expand its offerings. The leading exchange introduced cryptocurrency lending services for United States institutional customers.

The post Exchange Coinbase to end its operations in India amid regulatory challenges appeared first on Invezz.

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