Recent reports on popular platforms like TechCrunch suggested that Coinbase might halt its services for Indian users. However, Coinbase has now cleared the air.
Selective Account Restrictions
Coinbase recently sent an email to specific Indian account holders, informing them about the discontinuation of their retail services. The email, dated September 8, stated that the discontinuation was due to these accounts no longer meeting the updated standards set by Coinbase. The email, however, made it clear that this wouldn’t affect access to Coinbase Cloud services.
A Coinbase spokesperson emphasized that only accounts that violated their “updated standards” received this email. “During a recent routine review, some accounts might have been identified that no longer align with our standards. These accounts will be temporarily disabled, allowing users to update their information later,” the spokesperson mentioned.
Safe Withdrawals for Affected Users
Coinbase assured that the funds of the affected users remain secure. These users can still withdraw their balances or transfer them to other crypto services until September 25.
Misinformation on New Sign-ups
Another part of the circulated report indicated that Coinbase has stopped new sign-ups from India. Instead, it was suggesting users download the Coinbase Wallet app. However, this procedure has been active since June and only concerns exchange accounts, as clarified by a spokesperson.
The initial report from TechCrunch gained significant traction, especially on X (previously known as Twitter). Prominent accounts, including Wu Blockchain, shared it.
Coinbase continues its commitment to serve its Indian user base, addressing any concerns raised. The company’s clarification should put to rest any unfounded fears stemming from the circulating reports.
