Global crypto exchange Coinbase is set to discontinue its services in India, and has asked users to withdraw all funds from their accounts by September 25 in an email over the weekend. This comes amid India’s G20 Summit, where it is pushing for a global framework to regulate cryptos.
The Coinbase website as well as the app will be inaccessible in the region after September 25.
In case of holding cash, users can directly cash out their balances from one of the linked payment methods on the platform. If they are holding crypto assets, they can move it to a wallet of their choosing, after confirming and matching the blockchain addresses used as cryptocurrency transactions are irreversible.
Users took to social media platform X, formerly Twitter, to share their concerns. “Your funds remain secure with us, and you are able to send funds to other crypto wallets or services (subject to standard network and transaction fees), including Coinbase Wallet,” Coinbase said in the email to users. It has been seen by Moneycontrol.
“Coinbase Wallet is our self-custody wallet, giving you complete control of your crypto. Coinbase Wallet supports hundreds of thousands of tokens and decentralized apps, so you can trade crypto, collect NFTs, and much more,” the email said.
Responding to Moneycontrol’s queries over X, a Coinbase support executive said that they are discontinuing all services to accounts that “no longer meet their updated standards”.
“At this time, we do not know when we will be able to offer these services to you again,” the executive said.
“While we don't have a specific timeframe for when your region will be supported, we're working hard to expand to other countries. Even if your country is unsupported for now, you may still use Coinbase Wallet,” the Coinbase executive said.
The Coinbase Support executive declined to divulge details on what these updated standards are, stating, “At this point in time, we do not have next steps or additional information for you. We will reach out to you with next steps regarding your account in the coming months.”
This development was first reported by the Economic Times.
Coinbase’s foray into India in April 2022, has been facing troubles since the beginning when it announced that it will offer UPI payment option to buy and sell crypto on the platform. Shortly after, the platform had to stop this service after facing pressure from regulators.
In May 2022, Brian Armstrong, CEO at Coinbase, during the company’s first quarter earnings call even said that the company was facing “soft pressure” from the Reserve Bank of India (RBI) behind the scenes to disable UPI-based payments.
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