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Just In: Coinbase Grants Indian Users More Time For Withdrawal

Coinbase extended the Indian withdrawal deadline due to regulatory issues while urging users for fund withdrawals and disabling new sign-ups.
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Just In: Coinbase Grants Indian Users More Time For Withdrawal

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.

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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.

Also Read: NYDIG Forecast, ETF Approvals Delayed as U.S. Government Faces Shutdown Risk

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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.

Also Read: Bankman-Fried Lawyer Opposes Biased Jury Questions

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CoinGape comprises an experienced team of native content writers and editors working round the clock to cover news globally and present news as a fact rather than an opinion. CoinGape writers and reporters contributed to this article.

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Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
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