Coinbase halted operations in India due to regulatory pressure

The head of the exchange Brian Armstrong said that there are individuals in the government who “do not seem to be as positive on” cryptocurrencies

11.05.2022 - 12:35

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What’s new? Coinbase CEO Brian Armstrong explained the suspension of activities of the crypto exchange in India. According to him, the company shut down the Unified Payments Interface (UPI) due to “soft pressure” from the Reserve Bank of India (RBI), Business Insider reports. Armstrong claims that the RBI violates the 2020 Supreme Court ruling, which lifts the ban on crypto banking.

Business Insider’s material

What did Armstrong add? The head of Coinbase made this statement almost a month after the suspension of payments in India.

“Basically, they’re applying soft pressure behind the scenes to try to disable some of these payments, which might be going through UPI,” he explained.

Armstrong noted that his company prefers to cooperate with the government and they are already considering options to restart the platform with other payment methods.

What events happened before? On May 5, Coinbase supported European sanctions against the Russian Federation. The restriction of access to accounts would affect users holding more than €10 000 in the account. Also in April, the exchange was suspected of insider trading. Crypto influencer Jordan Fish discovered an address that had bought tokens from a list for a potential listing on Coinbase a day before its publication.

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