• April 25, 2024

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Coinbase Suspends Payment Services in India

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US crypto exchange Coinbase has reported pressure from local regulators and has announced the provision of certain payment services will be suspended as a result of this.

Indian Coinbase users will reportedly no longer be able to transact through the United Payments Interface (UPI) payment service starting yesterday. These measures have been taken by the trading platform just a couple of days after it launched its representative office in the country.

United Payments Interface is a popular web-based payment portal regulated by the National Payments Corporation of India which has allowed local traders to carry out various transactions on Coinbase for less than three days.

As the UPI payment gateway is unavailable, the exchange has asked Indian users to use the Immediate Payment Service (IMP) to place orders to sell/buy digital assets.