Coinbase Shutdown In India Despite Possible Crypto Raid

Leading US cryptocurrency exchange Coinbase has announced that it will “establish a business presence in India” despite uncertain regulatory headwinds for crypto in the country.

In a blog post on March 25, Coinbase announced that it would house “some IT services including engineering, software development and customer support in India”, citing the country’s “huge pool of top engineering talent”.

“India has long been known as a hub for technical and technological innovation. We look forward to finding this world-class talent to help the Coinbase Group develop new ways for our customers to interact with the crypto-economy.”

Despite the announcement, no jobs appear to have been uploaded to Coinbase’s India-specific career portal and a search on the website for the term “India” was empty at the time of writing.

The blog post added that Coinbase is also actively hiring in Japan, Singapore, the Philippines, Ireland, Canada and the UK to expand the geographic diversity of its “remote first” employees.

The news comes as uncertainty reigns over the Indian crypto sector. Reuters reports from anonymous sources in the Indian government that the country’s lawmakers are preparing a bill that would criminalize the “possession, issuance, mining, trading and transfer of crypto assets”.

However, Indian Finance Minister Nirmala Sitharaman said the government will not “rule out all options” to the crypto industry less than two weeks ago.

“We will allow certain windows for people [to] use it to experiment with the blockchain, bitcoins or cryptocurrency […] will have that [option] available to them, ”she said.

However, Sitharaman reiterated the Reserve Bank of India, or the RBI will shortly be making announcements regarding a central bank-issued digital currency (CBDC), suggesting that India’s upcoming crypto rules will be designed to prioritize the CBDC.

Coinbase is expected to complete an initial public offering via a direct listing next month. The limited trading of Coinbase stock in private markets suggests the company could be worth more than $ 100 billion.

With Coinbase’s shares privately traded at an average price of $ 343.58 in 2021, CNBC estimates that its CEO Brain Armstrong’s personal stake could be worth a whopping $ 13.6 billion.