As per rumors, cryptocurrency exchange Coinbase Global is ending all its services for all Indian users. However, Coinabse clarified that the notice is not aimed at all Indian users but some customers who did not meet the company’s updated standards.
As per the local reports, Coinbase India Users were abruptly warned through email, “Please note that you will be able to access Coinbase.com or Coinase app until September 25, 2023 and should withdraw funds held in your account by such date.” Additionally, it appears that the crypto exchange in India stopped new user signups for the app in June of this year.
Coinbase also mentioned in the mail that users’ funds will be secure with them, and users are able to send funds to other crypto wallets or services (subject to standard network and transaction fees), involving their Coinbase wallet.
“It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards. We will therefore be disabling these accounts and allow customers to update their information at a later date,” a Coinbase spokesperson added.
Coinbase stopped allowing new user sign ups on exchange product in India back in June of this year. A Coinbase spokesperson said, “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.”