Cryptocurrency Exchange Coinbase to discontinue services for Policy Violators in India

In a mail to those who have violated the Indian policies, US based cryptocurrency exchange Coinbase has said that it would discontinue its services, reported Gadget 360 Meanwhile, a TechCrunch report states that the company has also stopped new registrations from users in India.

"It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards. We will therefore be disabling these accounts and allow customers to update their information at a later date,” a company spokesperson told TechCrunch.

The company had informed about the same to those users via an email. As per the email, the services would stop after September 25 and the company has advised its users to withdraw their funds from their accounts.

This comes as just days after crypto-related suggestions and concerns were voiced by world leaders during the G20 Summit as well as the Global Fintech Fest 2023.

Also Read: G20 Summit: IMF's Gita Gopinath unveils new framework for regulating crypto assets

Last year, Coinbase's founder Brain Armstrong had mentioned that users can invest in crypto via UPI. Following this, NPCI put out a formal statement noting that it was not aware of the fact that Indian crypto exchanges were allowed to use UPI as a means for deposits by customers. The NPCI also went to an extent of suspending UPI across all Cryptocurrency exchanges.

The government has been trying to regulate cryptocurrency trade in India. Finance Minister Nirmala Sitharaman had introduced a 30% tax on crypto profits along with 1% TDS on all transactions in February 2022, which became applicable from FY 2023