Coinbase Debunks Rumors Concerning Its Indian Crypto Market Exit

In a recent report, a popular America-based crypto exchange, Coinbase Exchange, has addressed the public concerning the spreading rumors on its supposed exit from the Indian crypto market. The exchange claimed the email circulating its exit was misinterpreted and meant for a different audience. Also, it confirmed its firm commitment to offering crypto products and services to its Indian customers, thereby urging users to remain calm.

According to the report, some Coinbase exchange customers in India reportedly received emails warning them that the exchange aims to halt operation in the region as of September 25, 2023, and in addition, the letter urged them to withdraw all their funds on the exchange before the stipulated date. This caused great panic in the crypto industry, as many users were greatly worried.

However, to alleviate the situation, a spokesperson for Coinbase exchange has come out today to clarify the email message, stating that it was a warning notice meant for users who are breaching the new standard of the exchange. He argued that the firm message was that it is planning on discontinuing all its retail services to accounts that received the email as they no longer meet the exchange’s upgraded standards of operation. 

Coimbase Addressed The Issue, Urging Users To Calm Down

The spokesperson added that affected accounts might be unable to access the exchange’s retail services, but they can still access their accounts using Coinbase’s cloud services. In addition, he highlighted that the warning notice was only sent to customers whose accounts no longer align with the upgraded standards of operation for the exchange.

Furthermore, he stated that perhaps, as the firm was performing the routine review of its systems, it discovered some accounts that did not need their updated requirements anymore. Therefore, it decided that these accounts would be temporarily disabled; however, they would be reopened at a later date for owners to update their data, he said.

Nonetheless, the Coinbase spokesperson urged the affected users to calm down as their accounts remain safe, and they are free to send their crypto assets balance to another crypto custody provider before September 25th, when their accounts would be temporarily closed.

However, the tentacles of the original had spread so widely that many popular accounts on Twitter had reposted and commented on it. Meanwhile, in the report, the Coinbase exchange has reportedly disallowed Indian users from registering accounts with the firm, redirecting them to install Coinbase Wallet. Nonetheless, the spokesperson argued that the development had occurred since June and only affected exchange accounts.

Coinbase Intends To Increase Its Presence In India

Furthermore, he explained that since June this year, the firm had stopped allowing Indian customers to open new accounts on their exchange products. In addition, he added that the firm represents one of the most versatile and robust tech hubs in India, offering live crypto derivatives such as its Coinbase Wallet.

The spokesperson added that the firm is highly committed to growing its business in order to serve the people of India for an extended period. He also stated that the giant exchange plans to continue exploring multiple ways to further establish its presence in the Indian crypto market.

According to the report, Coinbase Exchange started operating in India on April 7, last year. However, due to mounting pressures from local regulators, the exchange had to stop allowing Indian customers to access the United Payment Interface via its platform for their transactions just three days after its launch.

However, users in the country who had used the United Payment Interface to buy crypto assets before it was banned were allowed to use the peer-to-peer trading format to trade their digital assets with other users on the platform. Nonetheless, Coinbase users in India are only able to trade the digital assets they initially held in their account at the time of publishing this article.

Leave a Reply

Your email address will not be published. Required fields are marked *