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COINBASE HALTS SERVICES IN INDIA AMID REGULATORY CHALLENGES
The Business Guardian
|September 12, 2023
Coinbase intends to discontinue exchange services for its Indian users, notifying certain customers via email, and has halted new signups for over a year
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Global cryptocurrency exchange Coinbase is advising its Indian users to withdraw their funds by September 25 as it discontinues all exchange services in the country due to regulatory hurdles, as reported by the Economic Times. Furthermore, Coinbase has temporarily suspended new signups for Indian users on its platform, recommending them to use the Coinbase Wallet app instead. This move comes after an 18-month effort by Coinbase to reintroduce its services in India. Despite its attempts, the company has been unable to gain the approval of local authorities. This situation led to the departure of at least two prominent executives, including Durgesh Kaushik, who joined Coinbase as senior director for market expansion last year. The Coinbase exchange app has been specifically tailored for Indian users. However, the app has attracted just under 50,000 monthly active users in the country, according to a report by Tech Crunch.
Dit verhaal komt uit de September 12, 2023-editie van The Business Guardian.
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