Key Takeaways
- Email notice urging users to remove funds was aimed at those breaching the exchange’s standards.
- Coinbase has put a stop to Indian users signing up to its exchange since June
Coinbase, a leading cryptocurrency exchange, has moved to clarify recent reports suggesting that it was discontinuing its services for Indian users. Earlier, there were reports from TechCrunch that implied a complete cessation of services for all Indian customers by September 25, which led some users in India to start withdrawing their funds.
A coinbase India email was circulated across media that urged to to remove any funds that remained on the exchange.However, Coinbase has clarified that the notice was directed at specific users who were found to be in breach of the exchange’s updated standards, and it does not apply to all Indian customers.
In a statement issued on Monday, Coinbase revealed that it had disabled new user sign-ups for its exchange product in India as of June. Instead, since June, the exchange has been prompting its users to download its wallet application, Coinbase Wallet.
A spokesperson for Coinbase stated, “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’s foray into the Indian market faced challenges from the outset. In a bid to cater to the Indian audience, Coinbase’s CEO, Brian Armstrong, visited India in the previous year to launch the exchange service with support for the locally popular Unified Payments Interface (UPI) payment instrument. However, the UPI overseeing body did not recognize Coinbase’s India launch, leading to a suspension of Coinbase’s support for the payments system.
Around the same time, the Indian government announced regulations imposing a 30% tax on income derived from cryptocurrency. These developments added to the complexities of Coinbase’s operations in India.
