Rejecting claims of some media reports recently that it would stop all operations for Indian customers, Coinbase India clarified that these are incorrect facts. The statement comes after some media websites, like TechCrunch, reported on September 11 that Coinbase, in an email to Indian users, informed them about discontinuing all its services by September 25 after resolving “pending fund” issue on the exchange. However, it clarified that the emails were not addressed to all Indian users but to those few 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,” the email sent on September 8 and shared by a Coinbase spokesperson to Cointelegraph reads.
“Please note that this does not impact your access to/use of Coinbase Cloud services, which will continue to be accessible to you through your account,” it added.
The spokesperson added that during a recent routine review of the systems, some accounts were found to be not meeting Coinbase’s updated standards. These accounts would temporarily disabled, so they can update their information and resume Coinbase services.
In a statement, the spokesperson stressed that the email was exclusively sent to account holders who, according to Coinbase, were in violation of their “revised criteria”.
“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,” Cointelegraph quoted the spokesperson as saying.
“We stopped allowing new user sign-ups on our exchange product in India back in June of this year. We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term and continue to explore ways to strengthen our presence in this important market,” the statement added.
The TechCrunch report on Coinbase went viral on social media and was re-shared by a prominent account holders like Wu Blockchain on X (Formerly Twitter). The report also hinted that Coinbase stopped Indian users from signing up to the exchange.