Coinbase responds to reports suggesting it’s ceasing services in India

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Coinbase has provided information that seemingly contrasts a media report suggesting that it would soon halt all operations for its Indian customers.

According to a Sept. 11 report from TechCrunch, Coinbase India users were reportedly warned via email that all services would be discontinued by Sept. 25, and were urged to to remove any funds that remained on the exchange.

However, it is understood that the notice was not aimed at all Indian customers and was instead aimed at those breaching the exchange’s standards. 

“We are reaching out to inform you that we will be discontinuing all Coinbase Retail services linked to your above-mentioned account, as we will be disabling access for the retail accounts that no longer meet our updated standards for these services,” according to an email on Sept. 8, shared by a Coinbase spokesperson to Cointelegraph.

“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. We will therefore be disabling these accounts, and allow customers to update their information at a later date,” the spokesperson added.

“Affected users’ funds remain safe with us, and they continue to be able to withdraw their balances and send to other crypto service providers until 25 September.”

Meanwhile, Coinbase has prevented Indian users from signing up to its exchange, instead prompting them to download its wallet application, Coinbase Wallet.

Despite a strong push from the largest U.S.-based cryptocurrency exchange, which saw its venture capital arm Coinbase Ventures, invest millions into the local sector — it has struggled to gain favor with the authorities.

On April 11 last year, Coinbase halted payment services through United Payments Interface (UPI) on its platform for Indian users just three days after its launch in the South Asian subcontinent, due to pressure from local regulators.

This is a developing story, and further information will be added as it becomes available.

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