A Coinbase spokesperson reaffirmed the company’s long-term commitment to India, stating their need to remain in the market.
Coinbase has clarified in response to the previous reports that it would shortly cease all operations for Indian clients.
Coinbase said in an email that it would stop providing all trading services to users in India after September 25 and advised users to withdraw all funds in their accounts. Additionally, Coinbase has banned Indian users from registering on the exchange, advising them to download…
— Wu Blockchain (@WuBlockchain) September 11, 2023It is understood that the notice was not directed at all Indian consumers but rather at those who violated the exchange’s standards. A Coinbase spokesperson informed Cointelegraph in an email dated September 8, stating that:
We are reaching out to inform you that we will be discontinuing all Coinbase Retail services linked to your above-mentioned account, as we will be disabling access for the retail accounts that no longer meet our updated standards for these services
“Please note that this does not impact your access to/use of Coinbase Cloud services which will continue to be accessible to you through your account,” the statement continued.
In a statement, the spokesperson reaffirmed that the email was sent only to Coinbase account holders who had violated their “updated standards.”
“It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards. We will therefore be disabling these accounts and allow customers to update their information at a later date,” the spokesperson explained.
The funds of affected users are secure with us, and they can continue to withdraw their balances and send them to other crypto service providers until September 25.
The earlier report picked up by several prominent accounts on X (formerly known as Twitter), such as Wu Blockchain.
However, according to the reports, the exchanage has blocked Indian users from signing up for its exchange, instead directing them to obtain its wallet application, Coinbase Wallet and according to a spokesperson, this has been in effect since June and only impacts exchange accounts.
“We stopped allowing new user sign ups on our exchange product in India back in June of this year. We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term and continue to explore ways to strengthen our presence in this important market,” they added.
Coinbase launched in India on April 7, 2022; however, just days later, on April 11, the exchange suspended payment services through United Payments Interface (UPI) on its platform for Indian users due to pressure from local regulators.
Coinbase: We are launching in India!
Indian Central Bank: Not so fast. pic.twitter.com/0rcCFM8tgh
— Coin Bureau (@coinbureau) April 11, 2022Indian users who had purchased cryptocurrency on the platform before the UPI closure could trade existing cryptocurrency assets in their wallets with other users via peer-to-peer or P2P trading. At the time of publication, however, Indian Coinbase users can only withdraw extant crypto assets from their accounts.
