Coinbase has released a clarification after a rumoured report stated that Coinbase would shortly cease all operations for its Indian customers.
Users of Coinbase India were apparently informed via email that all services would end on September 25 and advised to withdraw any cash still present on the exchange.
“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 mail reads.
“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,” it added.
In a statement, the crypto platform stated that users’ funds remain safe with them, and they continue to be able to withdraw their balances and send them to other crypto service providers until 25 September.
“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,” the statement said.
Coinbase began operations in India on April 7, 2022, however, only a few days later, on April 11, the exchange suspended United Payments Interface payments for Indian users as a result of pressure from national regulators.
