Coinbase Disables New Sign-ups in India as It Remains Committed to the Market
The leading cryptocurrency exchange, Coinbase, has reportedly stopped accepting new customer sign-ups in India. However, despite recent rumors of a potential withdrawal from the Indian market, Coinbase maintains its commitment to the country.
No More Sign-ups
In June of this year, Coinbase prohibited new user sign-ups in India, according to a report by TechCrunch. A spokesperson from Coinbase explained that while new sign-ups for the exchange product are no longer allowed, the company still operates a tech hub in India and offers live products, including Coinbase Wallet. Coinbase remains dedicated to the Indian market and is actively exploring ways to strengthen its presence there.
When Coinbase launched operations in India in April 2022, it allowed clients to trade using the local Unified Payments Interface (UPI) payment system. However, the management team of UPI did not acknowledge Coinbase’s expansion into India, leading Coinbase to terminate support for the settlement instrument a few days later.
Coinbase’s Recent Efforts Across the Globe
In addition to the regulatory challenges in India, Coinbase has also faced scrutiny from the US Securities and Exchange Commission (SEC). The SEC launched an investigation in 2022, accusing Coinbase of listing unregistered securities. This year, the SEC issued a Well Notice and filed a lawsuit against the exchange.
Despite these challenges, Coinbase has expanded globally. It established Coinbase International Exchange in Bermuda to serve non-US institutional users, and it recently started offering crypto loans to US investors. Coinbase remains committed to strengthening its position both in the US and around the world.
Hot Take: Coinbase Remains Committed to India Despite Regulatory Challenges
Coinbase’s decision to disable new customer sign-ups in India may come as a disappointment to potential users. However, the exchange has made it clear that it remains committed to the Indian market and is actively working to strengthen its presence there.
India has faced regulatory challenges when it comes to cryptocurrencies, with the central bank showing skepticism towards digital assets. Despite this, advocacy groups and associations have urged the government to restore the use of UPI for cryptocurrency exchanges.
Coinbase’s recent efforts to expand globally, despite its ongoing battle with the SEC in the US, demonstrate the exchange’s determination to overcome regulatory hurdles. As Coinbase continues to navigate the evolving crypto landscape, it remains a key player in the industry, striving to provide reliable and innovative services to its users around the world.
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