Coinbase Plans An Exit From India Amid Regulatory Concerns
Reports suggest that Coinbase has already disabled users from signing on to the exchange while prompting them to download the Coinbase Wallet instead. As a result, Coinbase plans to discontinue its services in India from September 25 onwards. The exchange has also advised its Indian customers to withdraw any funds that they have in their accounts. advertisement Coinbase ’s decision to withdraw from India comes after an 18-month-long endeavor to reintroduce its services in the country. Despite their efforts, the company has faced significant challenges in gaining the approval of local authorities. This struggle has resulted in the departure of at least two prominent executives, including Durgesh Kaushik, who joined as Senior Director for Market Expansion last year. Note that Coinbase is also an investor in Indian crypto exchanges such as CoinSwitch Kuber and CoinCDX. While Coinbase is probably looking for an exit from India, it continues to work on expanding its s...