Coinbase’s journey in the Indian crypto market has been full of challenges since the beginning of its launch.
Leading US crypto exchange coinbase has issued a clarification regarding the termination of its exchange services for Indian users. In a move that has raised eyebrows within the virtual asset community, Coinbase sent an email to some customers in India informing them that all services will cease after September 25.
This notification was also accompanied by a strong recommendation for users to withdraw remaining funds from their Coinbase accounts. However, as Coinbase clarified, this action is not a blanket shutdown of all Indian users, but a targeted response to those who have violated the platform’s standards.
Coinbase will end some services for selected customers in India
According to a Coinbase spokesperson, this action is solely aimed at users who are found to be violating the company’s new terms of service. The US-based company said it would disable retail services for selected Indian customers in violation of its rules.
A Coinbase spokesperson said, “We are contacting you to inform you that we will be discontinuing all Coinbase Retail services associated with your above mentioned account, as we will be disabling access to retail accounts that no longer use these services. “do not meet our updated standards.” told Coin Telegraph.
The unnamed spokesperson also noted that the service termination will not impact users’ access to Coinbase Cloud services. This means that although some features will no longer be available for accounts that do not meet the updated standards, users can still engage with other functionalities provided by the exchange.
The company reassured affected users that their funds are safe on the platform, but they have until the end of the month to withdraw their assets. This revealed:
“Affected users’ funds will remain safe with us, and they will be able to withdraw their balances and send them to other crypto service providers until September 25.”
Coinbase remains committed to the Indian market
Initial reports regarding the termination of services garnered significant attention on social media, with several prominent figures in the crypto sphere sharing the news on X, formerly Twitter. According to initial reports, Coinbase has stopped accepting new sign-ups from Indian users.
However, it is important to note that the exchange had stopped accepting new user sign-ups for its products and services in India in June itself. Instead, the company encouraged new Indian users to download Coinbase Wallet, a separate crypto wallet application owned by the company.
Despite the new development, Coinbase said the exchange remains committed to the Indian market in the long term.
“We maintain a strong technology center in the country and offer live products, including our Coinbase wallet. We are committed to India for the long term and will continue to explore ways to strengthen our presence in this important market,” the company explained.
Coinbase faces challenges in India
Meanwhile, Coinbase’s journey in the Indian crypto market has been marked by challenges since the beginning of its launch. despite being one investor At Indian crypto exchanges CoinDCX and CoinSwitch Kuber, the firm faced difficulties in establishing a stable presence for its business offerings.
Some high-level executives at the company resigned from their posts, including Durgesh Kaushik, the company’s former senior director of market expansion.
CEO of Coinbase brian armstrong Individually launched exchange service in India, initially supporting the popular United Payments Interface (UPI) payment method. However, local authorities refused to recognize Coinbase’s India launch, leading to suspension Of UPI support.
During its 18-month effort to establish itself in India, Coinbase committed to cooperating with the National Payments Corporation of India (NPCI) and other relevant authorities. The company also mentioned exploring alternative payment methods, although these efforts were not successful.
In May 2022, Coinbase decided to halt its trading services in India, attributing this to “informal pressure” from the country’s central bank, the Reserve Bank of India.
Chimamanda is a crypto enthusiast and experienced writer who focuses on the dynamic world of cryptocurrencies. She joined the industry in 2019 and has since developed her interest in emerging economies. She combines her passion for blockchain technology with her love for travel and food, bringing a new and fascinating perspective to her work.
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