Crypto exchange Coinbase clarifies discontinuation reports for Indian users, states breach of standards as reason

Coinbase clarifies reports of discontinuing services for Indian users, states notice was for specific accounts in breach of standards.

Edited By Fareha Naaz
Published11 Sep 2023, 03:11 PM IST
Coinbase clarifies it is not discontinuing services for all Indian users, but only those in breach of updated standards.
Coinbase clarifies it is not discontinuing services for all Indian users, but only those in breach of updated standards.(Bloomberg)

Coinbase has initiated a move to clarify reports suggesting it was discontinuing services for its Indian users. Earlier reports from TechCrunch had claimed that all services would cease by September 25, prompting some Indian users to withdraw their funds. However, Coinbase has clarified that the notice was aimed at specific users who were found to be in breach of the exchange's updated standards, not all Indian customers, reported Cointelegraph.

According to an email shared by a Coinbase spokesperson to Cointelegraph that said, "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." The mail further emphasised that this action would not impact access to or use of Coinbase Cloud services.

Also read: SEC sues US leading crypto platform Coinbase for violating securities rules; details here

The spokesperson explained that the email notice was sent only to users whose accounts were identified during a routine review as not meeting the updated standards. These accounts would be disabled, but customers would have the opportunity to update their information at a later date.

The spokesperson assured users that their funds remained safe and that they could continue to withdraw balances and send them to other crypto service providers until September 25.

Also read: Top 10 Cryptocurrency Projects in India (Updated 2023)

Although reports had surfaced that Coinbase had stopped allowing new Indian users to sign up for its exchange, redirecting them to download Coinbase Wallet instead, the exchange clarified that this policy had been in place since June and only impacted exchange accounts. A Coinbase spokesperson reaffirmed their commitment to India and their long-term plans to strengthen their presence in the market, reported Cointelegraph.

Coinbase originally launched in India on April 7, 2022. However, due to regulatory pressures, it halted payment services through the United Payments Interface (UPI) on April 11, 2022, for Indian users. This led to Indian users only being able to trade existing crypto assets through peer-to-peer (P2P) trading, and as of the time of publication, they can only withdraw existing crypto assets from their Coinbase accounts.

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First Published:11 Sep 2023, 03:11 PM IST
HomeMarketsCryptocurrencyCrypto exchange Coinbase clarifies discontinuation reports for Indian users, states breach of standards as reason

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