A crypto influencer named Keyur Rohit stated on X (Twitter) that Coinbase, a major cryptocurrency exchange, has announced the discontinuation of its services in India. The exchange initially launched in the country on April 7, 2022, but faced regulatory hurdles soon after.
Specifically, Coinbase had to disable its UPI (United Payments Interface) services due to pressures from the Reserve Bank of India (RBI). Brian Armstrong, the CEO of Coinbase, mentioned that the RBI was applying ‘soft pressure’ to discourage crypto-related UPI payments.
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Show more +On September 10, 2023, Coinbase sent an email to its Indian users, informing them that all services would be discontinued by September 25, 2023. The company has also halted new user sign-ups in the country. The reason for this move, as per Coinbase, is that a routine review found some accounts to be non-compliant with their updated standards. These accounts will be disabled, and affected users are required to withdraw their balances by the mentioned date.
However, it’s important to note that not all Indian users are affected. Coinbase clarified that they are committed to the Indian market in the long term and will continue to explore ways to strengthen their presence. Despite the RBI’s stance on crypto, the Indian Supreme Court has ruled that cryptocurrency cannot be banned in the country. Last year, after disabling UPI, Coinbase laid off 8% of its Indian workforce but also invested in two Indian crypto unicorns: Coinswitch Kuber and CoinDCX.
In conclusion, while Coinbase is making some adjustments to its operations in India, it is not completely pulling out of the market. The company remains dedicated to serving the Indian community and will continue its presence in different capacities.
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