According to recent reports, Coinbase has clarified its position following a flurry of rumors that its services would be discontinued in India.
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Coinbase Emphasizes on Long-term Commitment to India
A Coinbase representative emphasized the company’s long-term commitment to India and stated they would “continue to explore ways to strengthen our presence in this important market.”
Multiple Reports Regarding Ending of Operations
On September 11, TechCrunch and the Economic Times reported that the company would shortly cease all operations with regard to its Indian clients. In accordance with reports, users of Coinbase India received an email warning them that the service would end on September 25 and advising them to withdraw any assets still present on the exchange.
A Misunderstanding
However, it has been proven that the warning was intended for individuals violating the exchange’s criteria and not for all Indian clients.
The spokesperson stated: “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 representative emphasized that the email was sent only to account users who the crypto exchange considered to be out of their “updated standards.”
According to the reports, Coinbase no longer allows Indian users to sign up for its exchange and instead encourages them to install its wallet software, Coinbase Wallet. The representative said that this has been in effect since June.
Coinbase Aims to Expand Operations in India
Coinbase Global Inc., an American trading platform for digital currencies, organized a crypto community gathering in Bangalore in April of last year to talk about the future of the emerging sector.
Notably, India acknowledged the duty of creating a thorough global framework for handling cryptocurrencies given that it has been the G20 president this year. At the annual G20 conference, Indian Prime Minister Narendra Modi called for international collaboration to create crypto laws. He also spoke about the importance of modern technologies like blockchain and cryptocurrencies in an interview with Business Today.
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