Coinbase Clears the Air on Service Discontinuation Reports
On September 11, unsettling reports from TechCrunch and Economic Times conveyed the message of Coinbase discontinuing its services for all its users in India. As per the reports, a notice was dispatched urging users to withdraw all funds from the exchange by September 25.
However, a Coinbase spokesperson has confirmed that this directive was not for all users but was exclusively for those violating the exchange’s standards.
The Scope of the Discontinuation
Following the recent notice issued on September 8, many users were left in a state of confusion regarding the status of their accounts. The email stated the discontinuation of “all Coinbase Retail services” linked to certain accounts that failed to meet the company’s updated standards for service.
The spokesperson emphasized that this development would not affect the Coinbase Cloud services, which would remain accessible to users through their existing accounts. This assurance comes as a relief to many who were anxious about the sudden news.
The Road Ahead for Indian Users
In the statement issued, Coinbase stressed that it remains committed to its Indian customer base, exploring strategies to solidify its operations in the country. The firm affirmed that it stopped allowing new user registrations for their exchange product in India back in June 2023 but reiterated its dedication to fostering growth in the Indian market through sustained offerings such as the Coinbase Wallet.
Coinbase assured that the funds of the affected users are safe and that they would retain the ability to withdraw their balances and transact with other crypto service providers until the stipulated deadline.
Background of Coinbase Operations in India
Coinbase initially embarked on its Indian journey on April 7, 2022, and experienced a hiccup just a few days later with the cessation of United Payments Interface (UPI) services due to regulatory pressures. Despite the barriers, it continued to facilitate peer-to-peer trading for users who had procured crypto assets before the UPI shutdown.
As the firm navigates through regulatory complexities, it stands firm on its commitment to serve the Indian market, emphasizing the safety of the user funds and exploring avenues to reinforce its presence in India.
The recent clarification brings a respite to many users and reinstates Coinbase’s dedication to navigating the dynamic landscape of cryptocurrency regulations in India while ensuring a continued commitment to its customer base.