Coinbase has clarified that it disabled new user sign-ups on its exchange platform in India back in June due to updated standards. This decision was misrepresented in recent reports. While the exchange has faced challenges in India for over a year, it remains committed to the market.
Coinbase emphasized its strong technical presence in India and the availability of live products like the Coinbase Wallet. The exchange app has fewer than 50,000 monthly active users in India. Despite facing hurdles with local authorities, Coinbase CEO Brian Armstrong expressed a commitment to working with relevant authorities.
The Reserve Bank of India exerted “informal pressure” leading to the suspension of trading services last year. Cryptocurrency trading is not illegal in India, but regulatory stance has been cautious.
