coinswitch kuber: CoinSwitch Kuber temporarily disables rupee deposits amid regulatory streams

Mumbai: Cryptocurrency trading platform CoinSwitch Kuber has temporarily disabled all rupee (INR) deposit services on its app from Tuesday morning through the Unified Payments Interface (UPI) as well as the wire transfer route. via NEFT/RTGS/IMPS, which will be a blow to the exchange.

This comes after several exchanges ran into issues in recent weeks after e-wallet service provider Mobikwik and its partners halted services at the exchanges.

The crypto industry is in a tough spot as it finds itself in a legal gray area that allows payment partners to cut services at will, executives say.

CoinSwitch Kuber did not comment on the development until press time on Thursday.

ET reported on April 12 that trading volumes on crypto exchanges like WazirX, ZebPay, and Giottos hit a six-month low on April 10 due to uncertainty surrounding crypto regulations in the country.

WazirX is estimated to have seen 65-90% of its business erode after MobiKwik disabled its services on the platform over the past few days. ET was the first to report that Mobikwik halted UPI transactions on crypto exchanges on April 9.

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Crypto platforms have seen trading volumes drop consistently since April 1, when new tax rules governing crypto came into effect.

US-based Coinbase halted UPI payments within three days of launching its trading services in India.

One of the world’s largest exchanges, which announced its entry into India at a big bang event held in Bengaluru on April 7, Coinbase had come under the scanner of the National Payments Corporation of India (NPCI), which oversees UPI, having declared it, will allow users to purchase cryptocurrencies using UPI.

According to an industry source, Coinbase contacted NPCI after it released the same statement saying it “is not aware of any crypto exchange using UPI.”

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