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Coinbase is planning to conclude its services in India by the end of this month, as reported by TechCrunch.
According to recent information, the cryptocurrency exchange has notified select customers through email that its services will cease after September 25, 2023. In the email communication, Coinbase recommended that users withdraw their account balances by the specified date.
However, it’s essential to clarify that this notice is not applicable to all Indian customers. Only accounts that fail to meet Coinbase’s updated standards will be affected. A Coinbase spokesperson explained that during a recent routine system review, certain accounts that no longer met the company’s revised criteria were identified and will be deactivated.
While the spokesperson didn’t disclose the specifics of these “updated standards,” they added:
“The company is reaching out to inform affected users that it will be discontinuing all Coinbase Retail services linked to their accounts. This action is being taken because access will be disabled for retail accounts that no longer meet the updated standards for these services.”
It’s worth noting that Coinbase has investments in several prominent Indian cryptocurrency exchanges, including CoinDCX and CoinSwitch Kuber. The report also pointed out that the company has stopped onboarding new users from this region but has encouraged them to download the Coinbase Wallet application.
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Coinbase initially launched its services in India in 2022. However, just three days after the launch, it suspended payment services through the United Payments Interface (UPI) on its platform due to regulatory pressures.
In a recent email communication, Coinbase assured users that their funds remain secure with the exchange and can be transferred to other cryptocurrency wallets or services, including Coinbase Wallet.