KANALCOIN NEWS – Due to regulatory concerns while urging users to withdraw funds and disabling new registrations, Coinbase extended the withdrawal deadline in India.
Coinbase’s decision to extend withdrawal times in India comes as it faces regulatory challenges in the country and plans to discontinue crypto trading services there. While Coinbase reiterated its commitment to the Indian crypto market, the exchange has disabled new registrations and urged users to withdraw their funds before the deadline.
Extension of Withdrawal Time
Coinbase’s latest move to withdraw its services from the Indian market stems from increasing regulatory hurdles in the country. Earlier this month, Coinbase warned its customers in India via email about these regulatory challenges, and has since disabled new user registrations.
The platform has asked its users to withdraw their account balance before the service deadline. Or before September 25, 2023. But in the latest email Coinbase has extended the withdrawal deadline to October 31, 2023.
Not only that. Coinbase assures customers that their funds remain secure and can be transferred to another cryptocurrency wallet or service, subject to standard network and transaction fees. The platform also recommends Coinbase Wallet as an alternative for users.
Despite withdrawing its trading services, Coinbase reiterated its long-term commitment to the Indian market and expressed its intention to explore opportunities for a stronger presence in the future.
Business Survival in India
The history of Coinbase’s entry in the Indian market cannot be ignored. It first came to India in April 2022. allowing users to buy cryptocurrencies using a unified payments interface (UPI). But in the end Coinbase decided to stop its services in India because it was hampered by existing regulations in that country.
Brian Armstrong, co-founder and CEO of Coinbase, visited India in April 2022 and raised concerns about informal restrictions imposed on crypto trading by the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI).
crypto startup founders are increasingly looking to diversify their offerings. This is due to the challenges faced by crypto exchanges such as Coinbase in the country. That diversification takes the form of expanding into various fields such as games, social applications, decentralized financial services, and more.
These entrepreneurs are attempting to navigate the ever-evolving regulatory landscape while finding innovative ways to stay active in the Indian crypto ecosystem.
In fact, the population of crypto users in India is the largest in the world. Surpassed the number of crypto users in the US, UK, Russia and Japan. That is around 156 million in 2023. In fact, based on data, Statista predicts the number of crypto users in India will reach 328 million in 2027.
It is impossible for Coinbase or other crypto exchanges to ignore this enormous market potential. Is it possible that the Indian government will still tighten regulations seeing the rapid growth of the crypto market in its country? Let’s see the rest of the story.
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