DecentralandCrypto exchange Coinbase to discontinue all services in India this month
Credit: IndiatimesIndiatimes
•21 days ago
The crypto firm launched its exchange services in India in May last year but had to shut payments via UPI after the informal RBI restrictions. Several banks had disabled UPI options for crypto-related payments following “verbal instructions” from the NPCI.
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Coinbase has announced that it will discontinue all services in India this month as part of its global expansion strategy. The move follows the Reserve Bank of India's (RBI) decision to ban banks from providing services to cryptocurrency exchanges in April 2018. Coinbase, which is one of the world's largest cryptocurrency exchanges, had been operating in India since the start of 2017. The company said that it will be winding down services for its Indian customers over the next few weeks and that customers will no longer be able to buy, sell, send, receive, or store any digital assets on Coinbase.
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Frequently asked questions
Why is Coinbase discontinuing services in India?
Coinbase is discontinuing services in India due to regulatory uncertainty
When will Coinbase discontinue services in India?
Coinbase will discontinue services in India on December 7th, 2020
What services will Coinbase no longer be offering in India?
Coinbase will no longer be offering buying/selling of cryptocurrencies, the Coinbase wallet, or Coinbase Pro in India
Where can Indian customers go to purchase cryptocurrencies?
Indian customers can look to other exchanges, such as WazirX or Unocoin, to purchase cryptocurrencies.
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