Coinbase issues clarification after reports of discontinuing exchange services for Indian consumers.
Coinbase has issued a clarification on reports that it is discontinuing all exchange services for Indian consumers. The exchange had emailed some of its Indian clients, notifying them that all services would be discontinued after September 25, and suggesting they withdraw any remaining funds from their accounts.
Coinbase has clarified that the warning was only issued to clients who were violating its updated policies, and the message did not reflect the status of Coinbase's operations in India.
Coinbase has long faced regulatory pressure in India that triggered the departure of at least two prominent executives. Its entry into the region has faced significant challenges from the beginning. Despite investing in two leading Indian exchanges, CoinDCX and CoinSwitch Kuber, the firm was unable to establish a consistent presence for its exchange services in the country.
Coinbase previously suspended its trading services in India in May 2022, citing "informal pressure" from the Reserve Bank of India.
Coinbase CEO Brian Armstrong traveled to India last year to officially launch the exchange's business in the country by adding support for the widely used UPI payment method. However, the payments authority in charge of UPI immediately refused to recognize Coinbase's launch in India, and Coinbase eventually discontinued support for the payments system. The firm stated at the time that it was committed to cooperating with the NPCI and other appropriate authorities.
While there has been a lot of attention on Coinbase's discontinuation of services for Indian customers, it appears that some people in Pakistan and Bangladesh are facing similar issues.
Email received by a Coinbase user in Pakistan
While there is no official statement from Coinbase regarding these countries, a few Bangladeshi users reported in August that they were not able to verify their Coinbase account.
It is unclear whether these issues are related to the recent news about Coinbase's operations in India or if they are separate issues. Nonetheless, it seems that Coinbase's regulatory challenges are not limited to India and may be affecting other countries in the region as well.
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