Coinbase Will Not Exit India But Some User Accounts Will Be Shut Down

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Recently, the crypto community was abuzz with news regarding Coinbase potentially ceasing its operations for users in India. This stemmed from reports dated September 11 from notable publications, namely TechCrunch and Economic Times. These reports highlighted an email notification issued to certain Coinbase users in India, hinting at a potential discontinuation of services by September 25.

The Real Message Behind the Email Notification

Upon further investigation, it becomes clear that the email wasn’t a broad-scale directive. Instead, its focus was more precise. Coinbase aimed to address users not aligning with the platform’s revised standards.

The communication from the company explicitly stated, “We are discontinuing all Coinbase Retail services linked to the specified accounts due to them not adhering to our newly instituted standards.” Moreover, they assured unaffected users, stating, “This change won’t affect the availability of Coinbase Cloud services to you.”

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It wasn’t an email sent at random. Coinbase intended to target users whose actions seemingly went against the platform’s updated guidelines. A spokesperson elaborated on this: “During our routine systems review, some accounts were flagged that didn’t meet our revised standards. Hence, we’ll be disabling these accounts, offering a chance to users to update their details later.”

The company emphasized that the funds of the affected users remain secure. They can continue withdrawing or transferring their cryptocurrency balance to other platforms until September 25.

Coinbase’s India Journey and External Perceptions 

The original TechCrunch article gained significant traction, with shares increasing across X.

Yet, there’s more. Recent observations indicate a subtle shift in Coinbase’s strategy for its Indian clientele. New users from India seem to be directed to download the Coinbase Wallet application rather than registering on the exchange platform directly.

Reflecting on Coinbase’s journey in India, the platform debuted on April 7, 2022. However, a mere four days post-launch, on April 11, they had to suspend payment services via the United Payments Interface (UPI). This decision arose due to mounting pressures from local regulatory bodies.

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