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Crypto Exchange Coinbase Halts Service in India Due to ‘Informal Pressure’ From Central Bank RBI

The Nasdaq-listed cryptocurrency exchange Coinbase has revealed that it halted operation in India a few days after launch due to “informal pressure” from the country’s central bank, the Reserve Bank of India (RBI), says CEO Brian Armstrong.
Coinbase Shares Experience in India
Coinbase Global provided an update on its Indian operation during the company’s earnings call Tuesday, particularly why it exited the Indian crypto market a few days after launch.
Anil Gupta, vice president of Investors Relations at Coinbase, asked CEO Brian Armstrong: “Some shareholders are curious about the recent developments in India. Can you explain the halting of UPI [Unified Payments Interface] transfers there? And what impact will that have on your expansion plans in the market?”
Coinbase launched in India on April 7. Armstrong went to India for the launch. The company said at the time that users could use the UPI system to buy cryptocurrencies on the platform. However, the company disabled the

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