BREAKING: 🇮🇳 #Coinbase SHUTS DOWN in India

Here's the INSIDE story you WON'T hear anywhere else 🤫

1️⃣ Initial Launch:

👉 #Coinbase, a major #crypto exchange, launched its services in India on April 7, 2022.

2️⃣ UPI Hurdle:

👉 Shortly after its launch, Coinbase had to disable their UPI (United Payments Interface) services due to pressures from local regulators, specifically the Reserve Bank of India (RBI).

3️⃣ What the CEO Said:

👉 Brian Armstrong, #Coinbase's CEO, mentioned in an earnings call that the Reserve Bank of India (RBI) was applying 'soft pressure' to discourage #crypto-related UPI payments.

4️⃣ Current Situation:

👉 On September 10, #Coinbase sent an email to its users in India informing them that it will discontinue 'all services' by September 25, 2023.

👉 They've asked users to withdraw funds by this date.

👉 They've also stopped new user sign-ups in India.

5️⃣ Reason for Discontinuation:

👉 A routine review found some accounts non-compliant with #Coinbase’s updated standards.

👉 These accounts will be disabled, and affected users need to withdraw their balances by the mentioned date.

#Coinbase's Clarification:

👉 Not all Indian users are affected, only those whose accounts didn’t meet Coinbase’s new standards.

👉 Coinbase clarified they're committed to the Indian market long-term and will keep exploring ways to strengthen their presence.

7️⃣ Background:

👉 Coinbase faced 'soft pressure' from RBI to disable UPI payments.

👉 Despite RBI's stance, the Indian Supreme Court has ruled that #crypto cannot be banned in India.

👉 Last year, after disabling UPI, Coinbase laid off 8% of its Indian workforce.

8️⃣ Coinbase's Other Investments:

👉 They have investments in two Indian #crypto unicorns: Coinswitch Kuber and CoinDCX.

9️⃣ Conclusion:

👉 While #Coinbase is making some changes to its operations in India, it's not completely pulling out.

👉 They remain dedicated to the Indian market and will continue their presence in different capacities.