In response to growing concerns, Coinbase has issued an official statement addressing recent reports of service discontinuation and clarified its commitment to the Indian market.
Recent reports revealed that Coinbase had sent emails to multiple Indian customers, instructing them to withdraw their funds by September 25. Importantly, this action was not a blanket service cessation but rather aimed at those who had violated Coinbase's standards.
The email, dated September 8, stated the discontinuation of Coinbase Retail services for specific accounts that no longer met updated standards. A Coinbase spokesperson confirmed that these emails exclusively targeted account holders in breach of the exchange's standards. Coinbase reassured affected users that their funds remained secure and that they could withdraw their balances, facilitating transfers to other cryptocurrency service providers until September 25.
Back in June, Coinbase halted new user sign-ups for its exchange in India, redirecting their users to download the Coinbase Wallet application. This change primarily affected exchange accounts and has been in place since June.
Despite initial challenges following its April 2022 launch in India, including regulatory pressures and disruptions in UPI services, Coinbase remains committed to the Indian market. A Coinbase spokesperson stated:"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.’’
While some senior leaders have departed in recent months, Coinbase's focus on India revolves around its Wallet services and technology hub. The company has plans to expand its Indian tech hub by hiring an additional 1,000 employees.
