Coinbase, the prominent U.S.-based crypto exchange, addressed recent confusion regarding its operations in India on Monday. The exchange stated that while they had stopped new user registrations in June, they remain committed to the Indian market. This clarification comes in response to various media reports, including one by TechCrunch, which suggested that the company might be exiting the Indian market based on emails received by certain customers.
These emails, received by a section of Coinbase users who did not align with the company’s updated standards, indicated a cessation of exchange services by September 25. However, Coinbase has emphasized that this communication does not mirror its broader stance on India operations.
“We stopped allowing new user sign ups on our exchange product in India back in June of this year. We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term and continue to explore ways to strengthen our presence in this important market,” said a Coinbase spokesperson.
Despite being an investor in leading Indian crypto platforms, CoinDCX and CoinSwitch Kuber, data from Sensor Tower reveals that Coinbase has under 50,000 monthly active users in India.
Coinbase’s journey in India has been turbulent since its launch over a year ago. The company has found it challenging to secure cooperation from local authorities. Durgesh Kaushik, who had joined Coinbase as the Senior Director for Market Expansion, departed within a few months, highlighting the challenges faced by the exchange.
The firm’s attempts to integrate UPI, a popular local payment method, were swiftly thwarted when the overseeing body for UPI declined to recognize Coinbase’s launch in India. This resulted in Coinbase suspending support for the payment method within days.
‘’Armstrong said In May last year, Coinbase had to halt the trading service in India because of “informal pressure” from the Reserve Bank of India, India’s central bank’’.
Armstrong acknowledged that while crypto trading remains legal in India, certain factions, particularly within the Reserve Bank of India, appear less enthusiastic about it. Armstrong’s comments highlight what some have referred to as a “shadow ban” on cryptocurrency trading in India.
For half a decade, Indian regulators have treaded cautiously around cryptocurrency, suggesting the necessity for global cooperation to manage these assets effectively.
“We ask the FSB and SSBs to promote the effective and timely implementation of these recommendations in a consistent manner globally to avoid regulatory arbitrage. We welcome the shared FSB and SSBs workplan for crypto assets. We welcome the IMF-FSB Synthesis Paper, including a Roadmap, that will support a coordinated and comprehensive policy and regulatory framework taking into account the full range of risks and risks specific to the emerging market and developing economies (EMDEs) and ongoing global implementation of FATF standards to address money laundering and terrorism financing risks.”
Over the weekend, the G20 nations shared a Leaders’ Declaration, endorsing the Financial Stability Board’s recommendations on the regulation and oversight of cryptocurrency assets and global stablecoin operations.
This article has been updated to incorporate clarifications from Coinbase regarding its intentions and operations in India.
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