Coinbase Clarifies Reports on Discontinuing Services for Indian Customers
Summary:
Coinbase clarifies that it will not be discontinuing services for all Indian customers as previously reported. The email notice sent to certain users was aimed at those who did not meet the exchange's updated standards. Affected users can still withdraw funds until September 25. Indian users are currently directed to download the Coinbase Wallet application instead of signing up for the exchange. Coinbase faces challenges in gaining regulatory approval in India. Ongoing updates to follow.
Coinbase responds to media report on discontinuing services for Indian customers
Contrary to a recent report by TechCrunch, Coinbase clarifies that it will not be halting operations for all Indian customers. The email notice sent to users on September 8 was specifically directed at individuals who failed to meet the updated standards set by the exchange. Coinbase emphasizes that affected users can still withdraw their funds until September 25 and assures the safety of their balances. Furthermore, Indian users are currently unable to sign up for the exchange and are encouraged to download the Coinbase Wallet application instead. While Coinbase has invested heavily in the local cryptocurrency sector, it continues to face challenges in gaining regulatory approval. This is an ongoing story, and we will provide updates as more details emerge.
Published At
9/11/2023 4:50:11 AM
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