– Coinbase has announced it will discontinue its services in India by the end of this month. – Users will be able to use the app until September 25th.
– The company had launched in India in April 2022 with an option to buy crypto using UPI, but it was shut down shortly after.
– Coinbase is an investor in two Indian crypto unicorns, Coinswitch Kuber and CoinDCX.
Coinbase to End All Services for Indian Users on September 25th
In an email sent to its users in India, Coinbase has announced that it will discontinue all its services by September 25, 2023, urging them to withdraw their funds by that date. “Please note that access to Coinbase.com or the Coinbase app will be available until the mentioned date,” the email stated. Additionally, the crypto exchange has stopped new user signups through the app in India.
According to a Coinbase spokesperson, the decision to discontinue services for Indian users was made after a regular review. During the review process, the company found that some accounts did not meet the new standards that had been put in place. These accounts will be disabled, but customers will be able to update their information at a later time.
Coinbase has stated that users who are impacted by the discontinuation of service in India can withdraw their cryptocurrency balances and transfer them to other crypto service providers until September 25. The company also affirmed its commitment to improving the experience for the crypto community by implementing higher standards.
Coinbase started operating in India in April 2022 and allowed users to purchase cryptocurrency using a payment method called UPI. However, a few days later, the company had to stop the UPI service due to regulatory pressure. Despite this, Indian users could still trade cryptocurrencies among themselves using the cryptocurrencies already in their wallets