Coinbase users unable to withdraw funds from the exchange in India.

Coinbase users unable to withdraw funds from the exchange.

Coinbase users are now unable to withdraw rupees to their account via UPI. The whole incident started when Surojit Chatterjee, chief product officer of Coinbase, announced in an event that crypto investors would now be able to use the country’s online retail payments system to transfer funds to its local exchange. This statement became the trigger point of the event and after three days Coinbase had to stop fund transfer via UPI. Indian banking system and government had not very cooperative towards crypto community of India since last year and this issue added cherry on the top.
upi payment

Meanwhile a spokesperson stated on behalf of Coinbase “We are committed to working with NPCI and other relevant authorities to ensure we are aligned with local expectations and industry norms.”

crypto exchane

This event propelled negative sentiments toward crypto traders and Daily trading volumes on Indian crypto exchanges, which collectively cater to about 15 million people, has tumbled by between 88% and 96% since peaking last year, data from CoinGecko show. WazirX, India’s biggest crypto bourse, saw volumes drop 93% from an October high, according to the data.

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