Coinbase's India Sign-up Saga: Regulatory Challenges and Commitment Amidst User Suspension

Coinbase Global, Inc COIN has clarified its stance on user sign-ups in India following recent reports. 

In June, the U.S.-based cryptocurrency exchange turned off new user sign-ups for its exchange product in India. 

Also Read: Coinbase CEO Wants Gary Gensler Out of SEC, Says His Removal In 2024 Could 'Certainly Help'

According to Coinbase, specific customers who did not meet the company's updated standards received emails informing them of the change and the need to move their funds by September 25 before exchange services cease, TechCrunch reports. 

Based on Sensor Tower data, the exchange app Coinbase has fewer than 50,000 monthly active users in India.

Despite its efforts, Coinbase has been unable to make headway with local authorities since launching its exchange in India. 

Coinbase's CEO, Brian Armstrong, traveled to India in an attempt to launch the exchange by adding support for the popular local UPI payment instrument. 

However, the payments body overseeing UPI refused to acknowledge Coinbase's India launch, leading Coinbase to suspend support for the payments system.

In May 2022, Armstrong revealed that Coinbase had to halt trading services in India due to "informal pressure" from the Reserve Bank of India. 

Coinbase is amid a bitter lawsuit with the U.S. SEC for allegedly operating an unregistered exchange by allowing the sale of specific crypto tokens considered securities under the SEC's jurisdiction.

Price Action: COIN shares traded lower by 0.84% at $81.40 premarket on the last check Monday.

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.