Cryptocurrency exchange Coinbase Global has made headlines with reports indicating the cessation of services for a segment of its Indian user base. While this development has sparked interest and concern, Coinbase is eager to clarify that this measure is not a sweeping action affecting all Indian users but rather a targeted decision aimed at individuals who did not meet the company’s revised standards.
Email Notices to Affected Users
Coinbase India Users received notices via email, informing them of the forthcoming changes. The email stated, “Please note that you will be able to access Coinbase.com or the Coinbase app until September 25, 2023, and should withdraw funds held in your account by such date.” It is worth noting that Coinbase India had halted new user signups for the app as early as June of the same year.
The email further reassured users by emphasizing the security of their funds. It also conveyed that users could still transfer funds to other cryptocurrency wallets or services, subject to standard network and transaction fees, including Coinbase Wallet.
Coinbase’s Commitment to India
A spokesperson from Coinbase provided additional context, stating, “We stopped allowing new user signups 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.”
The spokesperson clarified the reason behind the move, explaining, “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 allowing customers to update their information at a later date.”
In summary, while rumors suggested a blanket discontinuation of Coinbase’s services in India, the crypto exchange’s decision is more nuanced. It reflects Coinbase’s ongoing commitment to the Indian market and its dedication to maintaining robust standards. The action primarily targets accounts that did not align with the company’s updated criteria, ensuring that the security of users’ funds remains paramount.