Coinbase to Disable Some Indian Accounts, But Remains Committed to Market
US-based cryptocurrency exchange Coinbase Global Inc. said it will disable some Indian accounts on September 25, but added that the company remains “committed” to the market in the long term.
The company did not specify which accounts would be disabled or why. However, it said that the accounts no longer meet its “updated standards.”
Coinbase has been facing increasing regulatory scrutiny in India. In April 2022, the government imposed a 30% tax on cryptocurrency transactions. The central bank has also warned against the risks of investing in cryptocurrencies.
As a result of the regulatory crackdown, trading volumes in India have collapsed. Coinbase said that it has halted new user sign-ups in India since June.
Despite the challenges, Coinbase said that it remains committed to India. The company has a “robust tech hub” in the country and offers live products, including its Coinbase Wallet.
“We continue to explore ways to strengthen our presence in this important market,” a Coinbase spokesperson said.
The decision to disable some Indian accounts is a setback for Coinbase, but it is not the end of the company’s India story. Coinbase is likely to continue to explore ways to operate in the country, even as it faces regulatory challenges.
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