US-based cryptocurrency exchange Coinbase is sto discontinue its operations in India, the firm has informed some customers through email.
According to a TechCrunch report, the crypto exchange has now warned customers in India that the Coinbase crypto exchange is about to discontinue its operations in India, and users will be able to use the app only till September 25.
“Please note that you will be able to access Coinbase.com or Coinbase app until September 25, 2023, and should withdraw funds held in your account by such date,” the email said, as cited by the TechCrunch report.
Coinbase has also disabled users in India from signing up to its exchange, and asking them to download Coinbase Wallet, the report said on Monday.
Earlier last year in April, Coinbase Co-founder and CEO Brian Armstrong visited India and had questioned informal restrictions on crypto trading by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI).
Armstrong had claimed that Coinbase had to halt the trading service in India because of informal pressure from the RBI.
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.
At the just-concluded G20 Summit in New Delhi, Finance Minister Nirmala Sitharaman said that the G20 will take the call on regulation or outright banning crypto assets.
Prime Minister Narendra Modi also said at the mega event that cryptocurrency has emerged as a new topic for social order, monetary and financial stability.
“We need to develop global standards to regulate cryptocurrencies, and to do this we have the model of Basel standards on banking regulations before us,” the Prime Minister said on Sunday.
Coinbase also has significant investments in Indian crypto exchanges like CoinDCX and CoinSwitch Kuber.
