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Coinbase, a prominent cryptocurrency trading platform, has notified its users in India of an extension to the timeline for withdrawing funds from their accounts. This decision comes as Coinbase faces regulatory challenges in the country and plans to discontinue its crypto trading services there. While the exchange asserts its commitment to India’s crypto market, it has disabled new sign-ups and urges users to withdraw their funds before the deadline.
Coinbase Extends Withdrawal Timeline
The latest move of Coinbase Coinbase to withdraw its services from the Indian market stems from increasing regulatory hurdles in the nation. Earlier this month, the exchange alerted its Indian customers via email about these regulatory challenges, and it has since disabled new user registrations.
Notably, the final date given for accessing Coinbase’s platform in India was September 25, 2023. The platform has asked its users to withdraw their account balances before this deadline.
However, in a recent email sent to Indian users, Coinbase has extended its deadline for withdrawal to October 31, 2023. In addition, it reassures customers that their funds remain secure and can be transferred to other cryptocurrency wallets or services, subject to standard network and transaction fees. The platform has also recommended its Coinbase Wallet as an alternative for users.
Despite the withdrawal of its trading services, Coinbase affirms its long-term commitment to the Indian market and expresses its intent to explore opportunities for a stronger presence in the future.
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Coinbase’s Entry Into The Indian Market
Coinbase initially entered the Indian market in April 2022, allowing users to buy cryptocurrencies using the unified payment interface (UPI). However, the platform later discontinued this service and disabled crypto purchases in India, citing regulatory pressure.
Meanwhile, Coinbase’s co-founder and CEO, Brian Armstrong, visited India in April 2022 and raised concerns about “informal restrictions” imposed on crypto trading by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI).
Meanwhile, due to the challenges faced by crypto exchanges like Coinbase in India, founders of crypto startups are increasingly looking to diversify their offerings. This includes expanding into areas such as gaming, social applications, decentralized financial services, and more.
These entrepreneurs seek to navigate evolving regulatory landscapes while finding innovative ways to remain active in the Indian crypto ecosystem.
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