BENGALURU: Crypto exchange Coinbase on Monday said that it is not discontinuing services in India. Earlier, some users took to social media, saying, 'Users are advised to withdraw their funds asap as Coinbase is discontinuing all services for its users in India.'
One of the largest crypto exchanges in the US, Coinbase clarified that an email was sent to some account holders last Friday and it does not relate to India or Indian operations, but to Indian users using the platform in other jurisdictions.
When asked about its India operations, the crypto exchange in a statement to The New Indian Express said, "We stopped allowing new user sign ups on our exchange product in India back in June of this year. We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term and continue to explore ways to strengthen our presence in this important market."
"We regularly monitor our systems and actively manage our product to provide the best user experience. It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards," the crypto exchange said.
It added that therefore they will be disabling these accounts, and allow customers to update their information at a later date. "Affected users’ funds remain safe with us, and they continue to be able to withdraw their balances and send to other crypto service providers until 25 September," a Coinbase spokesperson said.
Coinbase recently faced several legal issues. In June this year, the Securities and Exchange Commission charged Coinbase with operating its crypto asset trading platform as an unregistered national securities exchange, broker and clearing agency. The SEC also charged Coinbase for failing to register the offer and sale of its crypto asset staking-as-a-service program.