Coinbase Confirms That Wallet Services And Tech Hub Are Still Active In India

Key Points:

• Coinbase clarifies the suspension of exchange operations in India, focusing on wallet services and the tech hub.
• Users were notified to withdraw funds by September 25, 2023, due to updated standards.
• Despite challenges, Coinbase remains committed to the Indian market, exploring growth opportunities.

Coinbase, a prominent cryptocurrency exchange, has clarified the suspension of its exchange operations in India, according to a share report by CoinDesk.

The exchange disclosed that it suspended trading activities in India several months ago, emphasizing that its wallet services and tech hub are still fully operational.

This clarification follows emails sent to select customers, both Indian and non-Indian, who were using the exchange product in non-Indian regions. These emails, initially dispatched on June 26 and followed up with reminders on September 9, requested that users withdraw their funds by September 25, 2023.

Coinbase explained that it was discontinuing services to these accounts due to updated standards but reassured users that their funds were secure and could be transferred to other crypto wallets or services with standard network and transaction fees applicable.

The exchange’s focus in India has shifted towards expanding its wallet services and its tech hub, which is actively developing solutions for the APAC region and the global market.

Although Coinbase launched in India on April 7, 2022, it suspended UPI payment services on April 11 due to regulatory pressures. Indian users who had purchased crypto prior to the UPI suspension could still engage in peer-to-peer trading.

Presently, Indian users on the exchange can only withdraw existing crypto assets from their accounts. Coinbase CEO Brian Armstrong cited pressure from India’s central bank as a factor in the exchange’s decision to suspend operations.

Despite challenges, Coinbase remains committed to the Indian market, focusing on enhancing its wallet services and tech hub to meet the increasing demand for cryptocurrencies in the region and worldwide.

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