Coinbase To Disable Some Indian Accounts, Will Not Discontinue Operations In India The accounts will be disabled on September 25 and affected users are advised to move their funds before the said date. Earlier reports suggested that Coinbase was discontinuing 'all operations in the country'.
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Global crypto exchange Coinbase is reportedly set to discontinue some accounts in India that "no longer meet our updated standards." The accounts will be disabled on September 25 and affected users are advised to move their funds before the said date.
"We regularly monitor our systems and actively manage our product to provide the best user experience. It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards," the crypto exchange said.
Earlier reports suggested that Coinbase was discontinuing 'all operations in the country' as per a Coinbase executive's statement to Moneycontrol, "We are discontinuing all services to accounts that no longer meet their updated standards. At this time, we do not know when we will be able to offer these services to you again. While we don't have a specific timeframe for when your region will be supported, we're working hard to expand to other countries. Even if your country is unsupported for now, you may still use Coinbase Wallet."
"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 crypto exchange shared with various media houses.
According to a TechCrunch report, the platform attracts less than 50,000 monthly users. Last year, Coinbase's chief executive officer Brian Armstrong flew down for the official launch of the platform in India by adding the popular Unified Payments Interface. However, the regulatory body did not acknowledge the launch and a few days later, UPI was suspended by Coinbase as a payment mode. On the home front, Coinbase, among contemporaries has been hit by regulatory accusation by SEC.
Coinbase will continue to run its operations in the country.
