September 14, 2023
By Anjali Kochhar
Coinbase has recently disclosed that it had momentarily stopped accepting new customer registrations for its exchange services in India. The corporation did, however, reiterate its dedication to the Indian market, which has been plagued by regulatory uncertainty for more than a year. This remark is in response to recent letters that Coinbase sent to a large number of Indian customers informing them that exchange operations would end on September 25.
The U.S.-based operator of the Bitcoin exchange made it clear that other users in India are unaffected by this message, and that some clients who did not satisfy the company’s new requirements received the emails. These users were instructed to transfer their cash by September 25 in the email.
In June of this year, we stopped accepting new user registrations for our exchange services in India. We have a significant technological presence in the region and offer business services, such as our Coinbase Wallet. In an email to TechCrunch, a Coinbase representative said, “Our commitment to India remains unwavering in the long term, and we are actively investigating methods to increase our position in this major market.
According to Sensor Tower data provided by an industry executive, the Coinbase exchange app, which also invests in the top Indian cryptocurrency exchanges CoinDCX and CoinSwitch Kuber, has less than 50,000 active users in India each month. However, it continues to have a significant following among crypto investors in the nation. Notably, CoinSwitch and CoinDCX are still active in India.
Since Coinbase’s debut in India over a year ago, communication with local authorities has proven difficult. Executives, including Durgesh Kaushik, who joined the company last year as Senior Director for Market Expansion but left after only a few months, have expressed irritation about the lack of progress with local officials.
The exchange service, which includes support for the widely utilized UPI payment method, was introduced to India by Coinbase’s CEO, Brian Armstrong, during a visit there last year. Sadly, the regulatory authority in charge of UPI quickly rejected Coinbase’s launch in India. After that, Coinbase stopped supporting the UPI payment system.
Coinbase stated during this time that it was committed to working with the NPCI (National Payments Corporation of India) and other pertinent authorities. Although these plans did not materialize, the corporation also stated that it intended to investigate alternate payment ways.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.
