Crypto exchange Coinbase to disable some accounts of Indian users

Crypto exchange Coinbase to disable some accounts of Indian users

US-based crypto exchange Coinbase Global Inc. said it will disable some Indian accounts while adding that the company remains “committed” to opportunities in the nation over the long term.

Indian accounts that “no longer meet our updated standards” will be disabled on Sept. 25, a Coinbase spokesperson said in a statement on Monday. The firm continues “to explore ways to strengthen our presence in this important market,” the spokesperson added.

Trading volumes collapsed in India in 2022 after the government imposed more stringent tax rules on the crypto sector, including a levy on trading. The central bank has voiced “major concerns” about private virtual currencies.

Coinbase in April last year outlined ambitious hiring plans for India and tried to enable use of the Unified Payments Interface — the nationwide quick-payments network — for crypto purchases via its exchange. The company quickly scrapped the payments initiative under regulatory pressure.

Coinbase halted new user sign ups to the Indian exchange in June, the spokesperson said. “We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet,” the spokesperson added.