Coinbase responds to reports suggesting it’s ceasing services in India

” We are connecting to notify you that we will be stopping all Coinbase Retail services connected to your above-mentioned account, as we will be disabling gain access to for the retail accounts that no longer satisfy our updated standards for these services,” according to an email on Sept. 8 shared to Cointelegraph.” Please keep in mind that this does not affect your access to/use of Coinbase Cloud services which will continue to be available to you through your account,” it added.In a statement to Cointelegraph, a Coinbase spokesperson repeated that the e-mail was only sent out to some account holders who they deemed as breaching their “updated standards.”” It is possible that throughout the course of a current regular review of our systems, some accounts may have been recognized that no longer fulfill our upgraded standards. We will for that reason be disabling these accounts, and enable consumers to update their information at a later date,” the representative included.” Affected users funds stay safe with us, and they continue to have the ability to withdraw their balances and send to other crypto company up until 25 September.” The initial report from TechCrunch has actually been widely reported, being selected up by a variety of prominent accounts on X (previously called Twitter) consisting of Wu Blockchain. Coinbase has actually avoided Indian users from signing up to its exchange, instead triggering them to download its wallet application, Coinbase Wallet.Users from India who try to sign up the Coinbase exchange will face the following the website. India-based users trying to sign up are rather triggered to download Coinbase Wallet. Source: Coinbase sign-up page when accessed from IndiaDespite a strong push from the biggest U.S.-based cryptocurrency exchange, which saw its venture capital arm Coinbase Ventures invest millions into the local crypto sector– it has actually had a hard time to get favor with domestic authorities.On April 11 last year, Coinbase stopped payment services through United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent, due to press from local regulators.Indian users who had acquired crypto prior to the UPI shutdown on the platform could trade existing crypto assets in their wallet with other users by way of peer-to-peer or P2P trading. As of the time of publication, Indian users on Coinbase are just able to existing crypto assets from their accounts. Publication: NFT collapse and beast egos feature in new Murakami exhibition

Coinbase has supplied information that seemingly contrasts a media report suggesting that it would quickly halt all operations for its Indian customers.According to a Sept. 11 report from TechCrunch, Coinbase India users were reportedly alerted by means of email that all services would be stopped by Sept. 25, and were advised to eliminate any funds that remained on the exchange.However, it is comprehended that the notification was not focused on all Indian consumers and was rather focused on those breaching the exchanges standards. Coinbase said in an email that it would stop offering all trading services to users in India after September 25 and advised users to withdraw all funds in their accounts. Furthermore, Coinbase has actually banned Indian users from signing up on the exchange, encouraging them to download …– Wu Blockchain (@WuBlockchain) September 11, 2023