Coinbase India Operations Unaffected: Stay informed about Coinbase’s stance on Indian crypto regulations
Coinbase emphasized on Monday that it was not closing operations in India, hours after rumors circulated that it had emailed customers requesting that they remove their assets by September 25. According to reports, the exchange has stated that it will continue to operate in India for all users. The debate surrounding the company’s services in India comes just days after world leaders aired crypto-related proposals and concerns during the G20 Summit and the Global Fintech Fest 2023, both of which were held in the nation last week.
Earlier on Monday, media reports indicated Coinbase would stop its services in India, citing an email sent to some Coinbase India users over the weekend. This email instructed its recipients to withdraw any cash held by the exchange.
According to people acquainted with the subject, the exchange has only sent this email to those of its members who have been identified as violating its policies. More information from the company is still awaited.
Meanwhile, according to a TechCrunch story, the corporation has also stopped new registrations from consumers in India. “It is possible that some accounts were identified during a recent routine review of our systems that no longer meet our updated standards.” As a result, we will disable these accounts and allow clients to correct their information later,” a company spokeswoman told the publication.
Users of cryptocurrency exchanges in India must give KYC-related information in accordance with firm requirements in order to access services in accordance with most government regulations.
In April of last year, Coinbase debuted its services in India. When Coinbase stated in August 2022 that it would allow Indian consumers to purchase crypto on its app using UPI payments, the National Payments Corporations of India (NPCI) declared it did not authorize Coinbase to deliver this service.
Following the NPCI’s clarification, the exchange paused the rollout of this feature, which was never rolled out to users in the country.
The government and the RBI have not been supportive of crypto-related operations in the country due to a lack of clarity caused by the absence of crypto legislation, which was also condemned at the time by Coinbase CEO Brian Armstrong.
Read More: “G20’s Big Declaration: Implement the Crypto Asset Reporting for Tax Transparency”