Coinbase has issued a clarification in response to reports suggesting a possible Service Disruption in India. A spokesperson from Coinbase has reiterated the company’s steadfast dedication to the Indian market. They have also expressed a strong commitment to finding ways to enhance their presence in this crucial market.
Unlike earlier reports, the termination emails were not sent to all of Coinbase’s Indian customers. Instead, these notifications targeted customers not in compliance with Coinbase’s recent standards.
Coinbase’s Recent Communication Regarding Service Disruption in India
The communication was dispatched on September 8, and it conveyed the message: ‘We are contacting you to inform you that we will discontinue all Coinbase Retail services associated with your aforementioned account.
This results from our decision to deactivate retail accounts not meeting our updated service standards. The spokesperson for Coinbase shared this communication with Cointelegraph.
Notably, this measure applied only to non-compliant account holders. The spokesperson elaborated, stating, ‘During a routine review of our systems, certain accounts were identified as no longer meeting our updated standards.’
Consequently, these accounts will be deactivated, affording customers the opportunity to update their information at a later date.
Coinbase’s Operations and Challenges in the Indian Market
The TechCrunch report gained attention, but Coinbase stopped accepting new user registrations in India back in June. This change only affects exchange accounts and does not apply to other services, including the Coinbase Wallet.
The spokesperson clarified further, stating;
We halted the acceptance of new user registrations for our exchange product in India in June of this year. Our presence in the country remains strong, with ongoing product offerings such as Coinbase Wallet. We are firmly committed to the Indian market and constantly working to enhance our presence.
Coinbase launched its services in India on April 7, 2022. Unfortunately, on April 11, just days later, the platform had to halt payment services through the United Payments Interface (UPI) due to regulatory pressures.
While Indian users who acquired cryptocurrencies before the UPI suspension could still engage in peer-to-peer trading, current restrictions limit Indian Coinbase users to managing their existing cryptocurrency holdings.
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