Coinbase exchange suspended a buy order service for its users in India after local finance regulators denied knowledge of any exchanges using its interface. Coinbase maintains it will work to remedy the situation.
The largest US-based crypto exchange Coinbase has stopped payment services through United Payments Interface on its platform for Indian users just three days after its launch in the South Asian subcontinent.
The UPI is the payment portal governed by the National Payment Corporation of India , which facilitates buy orders on Coinbase’s India services. The exchange has alreadyits payment method information on its website for Indian users, which urges users to try Immediate Payment Service to place sell orders.
“With reference to some media reports around the purchase of Cryptocurrencies using UPI, National Payments Corporation of India would like to clarify that we are not aware of any crypto exchange using UPI.” Indian Coinbase users do not appear to be vexed by the sudden suspension of service. Co-founder of the Crypto India YouTube channel, Aditya Singh, tweeted to his 210,000 followers on April 11 “This is not new, Indian exchanges have also been facing payment service problems since 2018.”This is not new, Indian exchanges have also been facing payment service problem since 2018.
Weird fact - Actual gambling apps get proper payment service support while crypto exchanges are being alienated.