Coinbase, the largest crypto exchange in the United States, has stopped accepting payments through the United Payments Interface (UPI) on its website for Indian users just three days after launching in the subcontinent.
The National Payment Corporation of India (NPCI) manages the UPI payment system, which supports buy orders on Coinbase’s India services. For Indian consumers, the exchange has changed its payment method information on its website, advising them to use Immediate Payment Service (IMP) to place sell orders.
The Reserve Bank of India (RBI) has a separate branch under the Ministry of Finance called the National Payments Corporation of India (NPCI).
Coinbase said it would work with the necessary regulators to correct the situation in India, according to Business Standard, and that it was “committed to working with NPCI and other relevant authorities to ensure that we are aligned, with local expectations and industry norms.”
Coinbase disabled UPI service in India few days after NPCI statement.
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.
— Aditya Singh (@CryptooAdy) April 10, 2022