RBI's Informal Pressure Led to Suspension of Coinbase Trading Services in India: Brian Armstrong.
14 May 2022, 08:00
RBI’s Informal Pressure Led to Suspension of Coinbase Trading Services in India: Brian Armstrong
Coinbase Co-founder and CEO Brian Armstrong has said that “informal pressure” from the banking sector regulator led to the halting of his company’s trading services in India just within three days of its launch. Speaking at the Q1 2022 earnings call with top Coinbase executives and financial sector analysts on May 10, Armstrong asserted that the company will re-launch in the Indian market soon.
“So a few days after launching, we ended up disabling UPI because of some informal pressure from the Reserve Bank of India, which is kind of the Treasury equivalent there,” he explained, blaming for the company’s failure to continue with the business on the central bank – the Reserve Bank of India.