Coinbase, a cryptocurrency exchange, has clarified its stance on the continuation of its services in India. This comes after rumors circulated that the company was planning to halt all its operations for Indian customers by September 25, 2023.
The reports, originating from TechCrunch and Economic Times on September 11, 2023, indicated that Coinbase India users received emails warning that all services would be discontinued by September 25. Users were also urged to withdraw any remaining funds from the exchange.
In response, a Coinbase spokesperson confirmed that the notice was not intended for all Indian customers but was directed at those who breached the exchange's standards.
"We are reaching out to inform you that we will be discontinifying 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," stated the email shared by the spokesperson.
The confusion was further fueled by reports suggesting that Coinbase had halted new user registrations in India, instead prompting them to download its wallet application, Coinbase Wallet.
However, the spokesperson clarified that this change has been in effect since June and only impacts exchange accounts.
Coinbase reaffirmed its commitment to the Indian market, stating, "We are committed to India over the long term and continue to explore ways to strengthen our presence in this important market.”
Coinbase initially launched in India on April 7, 2022, but halted payment services through the United Payments Interface (UPI) just days later due to local regulatory pressures. Despite these challenges, the company continues to maintain a robust tech hub in the country and offer live products, including its Coinbase crypto Wallet.
As of now, Indian users can engage in peer-to-peer or P2P trading with existing crypto assets in their wallets. The company encourages users to remain engaged, promising secure and continuous services, while upholding the newly instituted standards to foster a compliant and secure trading environment.
