Coinbase has issued a clarification regarding reports suggesting it would cease operations for Indian customers. Initially, there were reports that Coinbase India users received emails stating that all services would halt until September 25 and advising them to withdraw any remaining funds from the platform. However, Coinbase has clarified that this notice is specifically aimed at users who violate the exchange's standards.
A spokesperson for Coinbase explained that they are discontinuing Coinbase retail services for certain accounts that no longer meet the updated standards set by the exchange. The email, which was sent on September 8th, won't affect access to Coinbase cloud services, which users can still access through their accounts. Coinbase emphasized that this action applies solely to account holders that the exchange considers to have violated its "latest standards."
The spokesperson mentioned that during a routine review of their systems, they discovered that some accounts no longer met the updated criteria. As a result, these accounts will be disabled, and affected users will have until September 25 to withdraw their balances or transfer them to other crypto service providers. It's important to note that the funds of affected users remain safe with Coinbase during this process.
While reports initially indicated that Coinbase had stopped new Indian users from signing up for its exchange, the spokesperson clarified that this measure was implemented back in June. Instead, new users from India are encouraged to download Coinbase Wallet, the company's wallet app. Coinbase remains committed to the Indian market and continues to explore ways to strengthen its presence despite the challenges posed by local regulations.
