- Coinbase may suspend services for non-compliant Indian customers by September 25.
- Coinbase’s suspension doesn’t affect users’ access to Coinbase Cloud services.
- Coinbase has limited account creation for Indian users on their platform.
Recent reports have suggested that Coinbase, a leading cryptocurrency exchange, may be suspending its services for customers in India. The company has since provided the necessary clarification on this issue.
The dispute was initiated following a recent article by the U.S. digital news outlet TechCrunch, indicating that Coinbase is preparing to halt all services for its Indian customers by September 25. Reportedly, Coinbase users in India have received emails advising them to remove their assets from the platform before the given date.
Nonetheless, the email alert was not a broad measure impacting all Indian users. Rather, it targeted those identified as violating Coinbase’s revised guidelines.
A representative from Coinbase disclosed a part of an email on September 8 to a renowned cryptocurrency news outlet. The email read, “We are contacting you to notify you that all Coinbase Retail services associated with your account will be terminated. This is due to deactivating access for retail accounts that do not comply with our revised criteria for these services.”
Crucially, the explanation underscored that this change does not affect users’ ability to use Coinbase Cloud services, which will continue to be available via their accounts.
The spokesperson provided additional details about the situation, explaining, “In our latest standard system review process, we may have found some accounts that do not comply with our revised criteria. Consequently, these accounts will be deactivated, and we will allow customers to modify their details in the future.”
Significantly, Coinbase introduced its services in India on April 7, 2022. Regrettably, a mere few days post-launch, on April 11, the exchange had to suspend its United Payments Interface (UPI) payment services on its platform due to regulatory constraints in India.
What’s coming up for users?
Coinbase has affirmed to impacted users that their assets are secure, and they will retain the capability to transfer their balances and dispatch them to alternate cryptocurrency service providers until September 25.
Despite the ongoing progress, it has been reported that Coinbase has limited the ability of Indian users to create accounts on their exchange platform. Rather, these users are directed to download the Coinbase Wallet, the firm’s wallet application.
Despite the hindrance, Indian users who had previously acquired cryptocurrencies before the UPI shutdown could continue exchanging their current assets via peer-to-peer (P2P) trading on the platform. Nonetheless, at the moment of reporting, only withdrawal of existing crypto assets from their accounts is permitted for Indian users on Coinbase.
