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<h2 style="text-align: center;" id="in-a-surprising-turn-of-events-coinbase">In a surprising turn of events, Coinbase</h2> 
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A global crypto exchange, has announced its decision to discontinue all exchange services for users in India. This comes after an 18-month-long effort to relaunch its service in the country. 
Coinbase made its debut in the South Asian market over a year ago, but faced regulatory challenges that hindered its progress. The company had even invested in top Indian crypto exchanges <a href="https://coindcx.com/" rel="noopener noreferrer nofollow">CoinDCX</a> and CoinSwitch Kuber. 
However, despite these efforts, Coinbase was unable to make significant inroads with local authorities. This led to the departure of at least two prominent executives, including Durgesh Kaushik, who joined the firm last year as Senior Director for Market Expansion. 
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<h2 style="text-align: center;" id="coinbase-s-chief-executive-brian-armstrong">Coinbase’s chief executive Brian Armstrong</h2> 
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Had personally flown to India last year to launch the exchange service in the country by adding support for the locally popular UPI payment instrument. However, the payments body overseeing UPI refused to acknowledge Coinbase’s India launch and days later Coinbase suspended support for the payments system. 
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<blockquote class="twitter-tweet"> 
 Coinbase said in an email that it would stop providing all trading services to users in India after September 25 and advised users to withdraw all funds in their accounts. Additionally, Coinbase has banned Indian users from registering on the exchange, advising them to download… 
 — Wu Blockchain (@WuBlockchain) <a href="https://twitter.com/WuBlockchain/status/1701085393238839322?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">September 11, 2023</a> 
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In May last year, Armstrong revealed that <a href="https://walletinvestor.com/magazinadmin/coinbase-receives-approval-for-crypto-futures-trading-for-u-s-customers/" rel="noopener noreferrer nofollow">Coinbase</a> had to halt the trading service in India due to “informal pressure” from the Reserve Bank of India, India’s central bank. He pointed out that cryptocurrency trading is not illegal in India — in fact, the South Asian nation just recently started to tax it — but there are “elements in the government there, including at Reserve Bank of India, who don’t seem to be as positive on it. 
This case study serves as a stark reminder of the complexities and challenges businesses face when entering new markets. It underscores the importance of understanding and navigating local regulations and building strong relationships with local authorities. 
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<h2 style="text-align: center;" id="despite-these-setbacks">Despite these setbacks</h2> 
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Coinbase remains committed to its users and advises them to withdraw any funds they have in their accounts by September 25. The company has also disabled users in India from signing up to its exchange, prompting them to download the wallet, Coinbase Wallet, instead. 
As the world continues to grapple with the regulation and oversight of crypto-assets activities and markets, this development highlights the need for international collaboration. The G20 countries recently endorsed the Financial Stability Board’s (FSB’s) high-level recommendations for the regulation, supervision and oversight of crypto-assets activities and markets and of global stablecoin arrangements. 
The future of cryptocurrencies remains uncertain as nations around the world continue to debate their place in our financial systems. However, one thing is clear: companies like Coinbase will continue to push boundaries and innovate, regardless of the challenges they face.

Coinbase Bids Farewell to India: A Sudden Exit

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