India, currently at the head of the G20never stops calling for global regulation of cryptocurrencies. Coinbase, which has approximately 50,000 users Indians per month, seems to have heard the call and is taking action against investors from the country of the Maharajas. In two weeks, no registration from them will be accepted by the American crypto exchange. Decryption!
In short
- Coinbase will stop providing crypto services to Indians from September 25
- However, these new measures would only concern customers violating the standards of the American crypto exchange.
Coinbase, towards a deprivation of cryptocurrencies for Indians?
At a time when the SEC continues to multiply its attacks against crypto behemoths, Binance, Coinbase, Kraken and others are being pushed to adjust their approach. Of the problems of irregularities would certainly end their journey.
“ Coinbase said in an email that it will stop providing all trading services to Indian users. after September 25 and advised them to withdraw all funds from their accounts. Additionally, Coinbase has banned Indian users from registering on the exchange, advising them to download Coinbase Wallet instead. Coinbase has long faced regulatory pressures in India, resulting in the departure of at least two senior executives. »
Based on a recent publication of the Indian press Economic Times, TechCrunch revealed that Coinbase intends to suspend its crypto activities for Indian traders. In the communication sent by email, the American cryptocurrency exchange clarified that at the same time, it will deactivate new registrations older than one year.
This decision will take effect from September 25. Thus, in order to avoid any form of loss of crypto funds (BTC, ETH, etc.), Indian users will have to empty their account as soon as possible.
“ We are contacting you to inform you that we will be discontinuing all Coinbase Retail services related to your above account because We will disable access to retail accounts that no longer meet our standards updates for these services. Please note that this does not impact your access/use of Coinbase Cloud services, which will continue to be accessible through our account. “, can we read in the famous mail.
Is this the end of the crypto adventure for Indians?
Unlike China, India has never closed its doors to cryptocurrencies. The Modi government opted instead for taxation at a fixed rate of around 30% on profits linked to the sale of crypto assets throughout its territory.
Also, the RBI and the Indian Ministry of Finance are taking advantage of its good position in the G20 at the moment to establish a global regulatory framework for cryptocurrencies. The summit of this group bringing together the main world economies, organized on September 9 and 10 in Delhiwas an opportunity for Indian leaders to speed things up.
“ As Cointelegraph reports, the notice was not aimed at all Indian customers, but rather those who violated the exchange’s standards. »
To return to Coinbase, Cointelegraph noted that the American exchange has provided details regarding this initiative. First of all, Bryan Armstrong’s team has limited the sending of this email to certain users. Only crypto traders may have violated recently established standards by Coinbase would have received it.
Moreover, Coinbase has no plans to leave India permanently. Here is an extract guaranteeing this partial departure:
“ Please note that this has no no impact on your access/use of Coinbase Cloud serviceswhich will continue to be accessible through our account.
[…] We maintain a strong technology center in the country and offer live products, including our Coinbase Wallet. We are committed to India for the long term and continue to explore ways to strengthen our presence in this important market. »
The Central Bank of India (RBI) and its pressure on Coinbase
Add to that the fact that Coinbase boss Brian Armstrong has always displayed a fierce desire to help Indian crypto enthusiasts. During his trip to the country in 2022, he ensured that the services of its crypto exchange are in tune with the UPIa very popular payment device in India.
But gentle pressure (or “shadow ban”) from the Reserve Bank of India pushed Coinbase to backtrack. And this has not failed to affect Indian crypto traders.
However, it should be noted that Coinbase has offered a better alternative for its loyal Indian customers: Coinbase Wallet. Here is an article where you will find extensive details relating to this crypto wallet.
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