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After hearing rumours that it might stop offering its services in India, Coinbase clarifies.

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A spokesperson from Coinbase has stepped forward to clarify the prevailing confusion stemming from a circulating rumor hinting at the possibility of the cessation of all services for their Indian clientele.

Coinbase has issued a clarification in response to a circulating report suggesting the impending suspension of all operations for its Indian user base. As per a report from TechCrunch dated September 11, it has come to light that Coinbase India users received emails, cautioning them about the discontinuation of all services by September 25, accompanied by a plea to withdraw any remaining funds from their accounts on the platform.

Nevertheless, it’s essential to grasp that this notification wasn’t intended for all Indian customers but rather for those found to be in breach of the exchange’s revised standards. As conveyed by a Coinbase spokesperson to Cointelegraph through an email dated September 8, “We are reaching out to inform you that we will be discontinuing all Coinbase Retail services linked to your above-mentioned account, as we will be disabling access for the retail accounts that no longer meet our updated standards for these services.” The email further added, “Please note that this does not impact your access to/use of Coinbase Cloud services, which will continue to be accessible to you through your account.”

In an official statement, the spokesperson reiterated that the email was selectively dispatched to certain account holders who were deemed to be in violation of the “updated standards.” The spokesperson elaborated, “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.” The spokesperson also reassured, “Affected users’ funds remain safe with us, and they continue to be able to withdraw their balances and send to other crypto service providers until 25 September.”

The initial report by TechCrunch has garnered significant attention on social media, with several influential figures on X (formerly known as Twitter), including Wu Blockchain, sharing it. However, users have also reported that Coinbase is preventing Indian users from registering on its exchange, redirecting them to download its wallet application, Coinbase Wallet. Indian individuals seeking to create an account on the Coinbase exchange will encounter the following webpage.

Coinbase made its debut in the Indian market on April 7, 2022. However, merely four days later, on April 11, the exchange suspended payment services via the United Payments Interface (UPI) for its Indian user base due to regulatory pressures.

Indian users who had acquired cryptocurrencies prior to the UPI suspension on the platform retained the ability to engage in peer-to-peer (P2P) trading with other users, facilitating the exchange of their existing crypto assets. As of the time of this publication, Indian users on Coinbase can only access their existing cryptocurrency assets from their accounts.

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