- Coinbase clarifies that it is not suspending services for all Indian customers.
- The exchange said the suspension applies to those who violate its updated standards.
- Coinbase has disallowed new user registrations for its exchange in India since June.
In response to recent reports suggesting a complete cessation of operations for its Indian customers, Coinbase has issued a clarification. In a since-revised article, the prominent tech news outlet TechCrunch circulated a claim that that all Coinbase services would be inaccessible to Indians from September 25. The article urged Indians to withdraw any remaining funds from the exchange.
However, it has been revealed that the notice was not intended for all Indian customers but rather directed at those who were found to be breaching Coinbase’s updated standards. A Coinbase representative shared excerpts of the email sent on September 8. It read:
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.
In other words, the suspension of services only pertains to certain accounts deemed to violate the platform’s standards. Furthermore, Coinbase clarified that the suspension of new user registrations for its exchange in India had been in effect since June.
Yet, Indian nationals are allowed to Coinbase Wallet service. Moreover, the Coinbase spokesperson highlighted the company’s commitment to the Indian market. The statement read:
We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term and continue to explore ways to strengthen our presence in this important market.
It is worth mentioning that Coinbase launched in India in April 2022. However, it halted payment services through the United Payments Interface (UPI) due to regulatory pressures shortly after launch.
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