In response to recent speculations, Coinbase has come forward to provide clarity on rumors regarding its discontinuation of services in India.
Articles from TechCrunch and Economic Times dated September 11 implied that Coinbase had notified its Indian users via email about the impending suspension of all its services by September 25. The communication further advised users to withdraw any funds held on the platform.
Miscommunication and Clarifications
However, closer scrutiny reveals that the notice was explicitly sent to a select group of customers who violated the exchange’s revised guidelines.
Coinbase’s representative emphasized that only those account holders who breached their “updated standards” received the email above.
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,
Coinbase said.
Social Media Buzz and User Registrations
TechCrunch’s piece on the issue gained significant traction on social media platforms, especially on X (previously known as Twitter), with influential accounts such as Wu Blockchain disseminating the information.
Contrary to the general sentiment, reports have highlighted a peculiar trend: Coinbase has halted new user registrations from India for its exchange platform. Instead, potential users are being directed to download the Coinbase Wallet app. This practice, a spokesperson confirmed, began in June and solely affects exchange account registrations. Indian users accessing the sign-up page are guided to get the Coinbase Wallet.
We stopped allowing new user sign ups on our exchange product in India back in June of this year. 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,
Coinbase said.
Coinbase marked its debut in India on April 7, 2022. A mere four days post-launch, on April 11, it paused its United Payments Interface (UPI) payment services for Indian clientele, a decision attributed to pressures from local regulatory bodies.
Indian crypto enthusiasts who had ventured into the crypto space before the UPI suspension on Coinbase had the privilege of engaging in P2P or peer-to-peer trading, enabling them to trade the crypto assets in their wallets. Currently, the Indian clientele of Coinbase can only withdraw existing crypto holdings from their respective accounts.
