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Reports say MobiKwik down on crypto exchanges after NPCI statement; we find
otherwise

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REPORTS SAY MOBIKWIK DOWN ON CRYPTO EXCHANGES AFTER NPCI STATEMENT; WE FIND
OTHERWISE


SEVERAL MEDIA REPORTS SAID THAT MOBIKWIK SUSPENDED ITS SERVICES ACROSS ALL
CRYPTO EXCHANGES ACROSS INDIA BECAUSE OF NPCI’S LATEST STATEMENT. BUT WE FIND
THAT THESE EVENTS ARE UNRELATED.



Reports say MobiKwik down on crypto exchanges after NPCI statement; we find
otherwise

Aakanksha Chaturvedi
 * Apr 12, 2022,
 * Updated Apr 12, 2022, 2:08 PM IST

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Fintech giant MobiKwik has suspended its UPI services for all cryptocurrency
exchanges operating in India. Interestingly, many media reports suggested that
this development followed NPCI's statement. 




However, this does not seem to be the case.

Last week, the international crypto-exchange Coinbase had announced full-scale
operations in India, including options to buy cryptos via UPI. Soon after, the
National Payments Corporation of India, or NPCI released a statement claiming
that it was not aware of any crypto exchange operating in India which allows
users to buy cryptos using UPI.
But BT found that despite NPCI’s statement, at least four crypto exchanges
operating in India allowed users to buy cryptocurrencies via UPI. These
exchanges were CoinDCX, CoinSwitch Kuber, Unocoin, and Coinbase.

Also Read: Coinbase announces full scale crypto trading in India

But soon after NPCI released its statement, Coinbase suspended the option to buy
crypto via UPI. Moreover, MobiKwik was also down on all crypto exchanges
operating in India.

Several media reports suggested that the payment service provider had suspended
its services because of the NPCI statement. But BT has found that MobiKwik's
services across crypto exchanges have been down for more than ten days now. 



Also Read: NPCI says unaware of exchanges offering UPI as an option for buying
crypto but some already do

Sathvik Vishwanath, founder and CEO of Unocoin, said: "They [MobiKwik] stopped
their services for all exchanges about 10-12 days ago”.

The spokesperson of WazirX also confirmed to BT that MobiKwik's suspension of
its payment services for crypto exchanges happened before the NPCI statement and
is not related to that.

MobiKwik declined to comment on our queries.




TAGS:
 * Mobikwik
 * crypto news
 * crypto india
 * mobikwik india






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