Coinbase has informed its consumers in India of a delay in the deadline for withdrawals from their accounts.
This choice was made as Coinbase prepares to stop offering cryptocurrency trading services nationwide due to regulatory issues. The exchange has stopped new sign-ups and urged users to withdraw their assets before the deadline, even though it claims to be committed to India’s cryptocurrency sector.
The most recent decision by Coinbase to stop offering its services in India is due to the country’s rising regulatory burden. The exchange warned its Indian customers of these regulatory difficulties earlier this month through email, and it has subsequently disabled new user registrations.
Notably, September 25, 2023, was the last day to utilize Coinbase’s platform in India. Before this deadline, the site has requested that customers withdraw their account balances.
However, Coinbase has extended its withdrawal cutoff date to October 31, 2023 in a recent email issued to Indian users. Additionally, it gives clients peace of mind by assuring them that their money is safe and that they can transfer it to other cryptocurrency wallets or services, subject to the usual network and transaction costs.
Additionally, the platform has suggested its Coinbase Wallet as a substitute for users. Despite discontinuing its trading services, Coinbase reiterates its dedication to the Indian market over the long term and declares its intention to look into ways to have a bigger presence there in the future.
Entry of Coinbase Into the Indian Market
In April 2022, Coinbase made its market debut in India by enabling consumers to purchase cryptocurrency through the UPI. The platform banned crypto purchases in India, citing regulatory pressure, and stopped offering this service.
Brian Armstrong, co-founder and CEO of Coinbase, expressed worries about “informal restrictions” placed on cryptocurrency trading by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) during a visit to India in April 2022.
Coinbase and other cryptocurrency exchanges need help operating in India, thus their founders are increasingly trying to broaden their product offerings. This entails branching into industries like gaming, social media, decentralized financial services, and more.
These businesspeople look for creative methods to participate in the Indian crypto ecosystem while navigating the rapidly changing regulatory environments.
