Key Points:
- Coinbase discontinues select Indian accounts.
- User funds secure, withdrawals allowed until Sep 25.
- Coinbase remains dedicated to the Indian market.
Coinbase has moved swiftly to address concerns raised by recent reports suggesting a cessation of services in India. In a statement, a Coinbase spokesperson reaffirmed the company’s commitment to the Indian market and its intention to bolster its presence there.
The clarification comes in response to reports on September 11th by TechCrunch and Economic Times, which indicated that Coinbase had notified its Indian customers via email about the discontinuation of all services by September 25th, urging them to withdraw their remaining funds from the platform.
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, 2023
However, it’s crucial to note that the email notifications were not sent to all Indian users but specifically targeted those who were found to be in breach of the platform’s updated standards. The email explained that Coinbase would discontinue its retail services for accounts not meeting these standards while assuring users that access to Coinbase Cloud services would remain unaffected.
The spokesperson clarified that these notifications were sent to a select group of users identified during a routine system review. They emphasized that the affected users’ funds were secure, and these users would still be able to withdraw their balances and transfer funds to other cryptocurrency service providers until September 25th.
The initial report generated significant social media attention, with several notable figures sharing it on various platforms. However, it’s important to clarify that Coinbase stopped accepting new user sign-ups for its exchange product in India back in June, a move that does not affect its tech hub operations in the country. Coinbase continues to provide live products, including its Coinbase Wallet application, reaffirming its long-term commitment to the Indian market.
Coinbase: We are launching in India!
Indian Central Bank: Not so fast. pic.twitter.com/0rcCFM8tgh
— Coin Bureau (@coinbureau) April 11, 2022
Coinbase’s journey in India began on April 7, 2022, but it encountered regulatory challenges just days later when it ceased its payment services through United Payments Interface (UPI) due to pressure from local authorities. Indian users with existing crypto assets in their wallets were still able to engage in peer-to-peer (P2P) trading, but as of the present moment, Coinbase users in India can only access their existing crypto holdings.
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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.
