Home industry cryptocurrency coinbase will cease operations in India later this month

Coinbase will cease operations in India later this month

Cryptocurrency

CIO Bulletin
2023-09-11

The worldwide cryptocurrency exchange Coinbase is informing customers that it will cease operations on September 25.

Coinbase intends to discontinue all exchange services for users in India; it has notified some clients via email and disabled new signups more than a year after the company's debut in the South Asian market was hampered by regulatory issues. The worldwide cryptocurrency exchange is informing customers that it will cease operations on September 25 and asking them to remove any monies in their accounts.

Coinbase, which also owns popular Indian crypto exchanges CoinDCX and CoinSwitch Kuber, has also barred Indian users from signing up for its exchange, instead directing them to download the Coinbase Wallet wallet. In India, Coinbase's eponymous exchange program has fewer than 50,000 monthly active users.

Coinbase's decision comes after an 18-month effort to restart its business in India. The company's inability to make inroads with local authorities has resulted in the departure of at least two important executives. Brian Armstrong, Coinbase's CEO, travelled to India last year to debut the exchange business there by adding support for the locally popular UPI payment instrument.