Coinbase’s Exit Strategy: Indian Users Urged to Secure Their Funds Before September 25!
Coinbase, the USA’s largest cryptocurrency exchange, known for its rigorous regulatory compliance, has dropped a bombshell on its international operations, specifically in India.
The bombshell came in the form of an email to its Indian user base, informing them of Coinbase’s decision to discontinue its services in the country, effective September 25, 2023. Notably, Coinbase has been the go-to platform for crypto enthusiasts, making this decision a significant blow to India’s crypto community.
Chinese journalist Wu Blockchain echoed this decision, stating that Coinbase would halt all trading services to Indian users, leaving them with no choice but to withdraw their digital assets from the platform. Coinbase further emphasized the urgency of this situation by advising users to complete the withdrawal process by the September 25 deadline.
To add to the upheaval, Coinbase has also slammed the door shut for new Indian users, prohibiting any further registrations on their platform. Instead, they’ve suggested that these potential users turn to Coinbase Wallet as an alternative.
Coinbase’s Departure from India: What Users Need to Know
In an email addressed to Coinbase customers, the company stated, “We are reaching out to notify you that we will discontinue all Coinbase Retail services associated with your specified account and disable access to retail accounts that no longer meet our updated standards for those services.”
In a reassuring tone, Coinbase assured users that their funds, affected by this abrupt decision, would remain secure with the exchange. Users will have the opportunity to initiate withdrawals and transfer their balances to alternative crypto service providers until the looming September 25 cutoff date.
A Coinbase spokesperson, commenting on the situation, noted, “We stopped allowing new user registrations for our exchange product in India in June 2023. We have a robust technology hub in the country and offer live products, including our Coinbase Wallet. We are committed to India for the long term and will continue to expand our presence in this important market. We continue to explore ways to empower ourselves.”
Please note that this information is provided for informational purposes only and should not be considered as investment advice.