Coinbase to shut down ‘All Services’ in India
By MYBRANDBOOK
Cryptocurrency exchange Coinbase is reportedly discontinuing ‘all services’ for its users in India from September 25. The clarification comes days after Coinbase sent emails to many customers in India in which it said it would cease exchange operations after September 25. However, users will be able to use the app till that date.
The U.S.-based crypto exchange operator said some customers who didn’t meet the company’s updated standards received the emails and the message doesn’t impact others in the country. The email cautioned those users to move their funds by September 25.
“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,” a Coinbase spokesperson told.
Coinbase launched in India in April 2022 with an option to buy crypto using UPI. A few days later, the crypto exchange shut the UPI service. The global crypto exchange is also an investor in two Indian crypto unicorns — Coinswitch Kuber and CoinDCX, both of which remain operational in India.
Coinbase has fewer than 50,000 monthly active users in India. But it maintains a high-mindshare among crypto enthusiasts in the country. CoinDCX and CoinSwitch.
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