Kanalcoin.com (NEWS) – A Coinbase spokesperson attempted to issue a clarification regarding the termination of its services in India. It said that it would continue to look for ways to provide long-term services in India. This clarification came immediately after reports that Coinbase would end its services in India.
Reports from TechCrunch and Economic Times (11/9) said that Coinbase India users were warned via email that all services would be discontinued on September 25 and they were asked to remove remaining funds on the exchange.
What needs to be understood is that the notice is not aimed at all Indian customers and is instead aimed at those who are violating the exchange’s standards.
“We are contacting you to inform you that we will be discontinuing all Coinbase Retail services associated with your account mentioned above, as we will be disabling access for retail accounts that no longer meet our updated standards for these services,” the email on 8 September as told by a Coinbase spokesperson to Cointelegraph.
“Please note that this does not impact your use of Coinbase Cloud services which you will continue to be able to access through your account,” a Coinbase spokesperson emphasized.
What does it mean? The emails were only sent to account holders that Coinbase deemed violated its latest standards.
“It is possible that during a recent routine review of our systems, some accounts may have been identified as no longer meeting our updated standards. We will therefore deactivate these accounts and allow customers to update their information at a later date. Affected users’ funds remain safe with us, and they can continue to withdraw their balances and send them to other crypto service providers until September 25.” A Coinbase spokesperson added.
The original report from TechCrunch was shared widely on social media saying that India-based users who tried to sign up were instead asked to download Coinbase Wallet.
“We stopped allowing new user registrations on our exchange products in India in June this year. We maintain a strong technology center in the country and offer direct products, including our Coinbase Wallet.
“We are committed to India for the long term and continue to look for ways to strengthen our presence in this important market,” added a Coinbase spokesperson.
Please note that Coinbase was first launched in India on April 7, 2022. However, due to pressure from local factors in India, Coinbase stopped its Services on April 11.
However, Indian users who have purchased crypto before the closure of UPI on the platform can trade crypto assets held in the wallet with peer-to-peer or P2P trading users.
But it turns out that Indian users on Coinbase can only use existing crypto assets from their accounts.