Major crypto exchanges in India disable fiat deposits amid regulatory uncertainty

Some of the biggest crypto exchanges operating in India have disabled the option to deposit fiat via the United Payments Interface (UPI) amid regulatory uncertainty after its operator denied knowledge of its use by crypto firms, Reuters reported, citing an industry source.
The list of exchanges includes Coinbase, CoinSwitch Kuber, and WazirX.
Authorities say crypto firms are not using UPI
UPI is a state-backed payment system for bank transfers that exchanges used to deposit fiat. However, in a recent development, the National Payments Corporation of India (NPCI), which operates the UPI, stated it was unaware that crypto exchanges were using the payments system.
Following NPCI’s statement, crypto exchanges disabled the option to deposit fiat and did not clarify when the service would return.
WazirX, India’s biggest exchange, tweeted that “UPI is not available,” and there is no timeline on a fix. The exchange later said in a statement that deposits through the service had been

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