According to rumors, cryptocurrency exchange Coinbase Global is suspending all its services for all Indian users. However, Coinabse clarified that the notice is not aimed at all Indian users, but at some customers who do not meet the company’s updated standards.
According to the local reports, Coinbase India users were abruptly warned via email: “Please note that you can access Coinbase.com or the Coinase app until September 25, 2023 and withdraw funds to your account until that date Should.” Additionally, the crypto exchange in India appears to have stopped signing up new users for the app in June this year.
“Your funds remain safe with us and you can send funds to other crypto wallets or services (subject to standard network and transaction fees), including Coinbase Wallet,” the email added.
A Coinbase spokesperson said: “Back in June this year, we stopped registering new users for our exchange product in India.” We maintain a robust technology center in the country and offer live products, including our Coinbase Wallet. We are committed to India for the long term and continue to look for opportunities to strengthen our presence in this important market.”
“It is possible that a recent routine review of our systems identified some accounts that no longer meet our updated standards. We will therefore deactivate these accounts and allow customers to update their information at a later date,” a Coinbase spokesperson added.
Also read: Coinbase launches Phase II of international expansion plan
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