- Coinbase will stop providing retail services to accounts that don't meet standards
- India users report that the exchange is not allowing them to sign up
After TechCrunch wrote that Coinbase would be suspending its services in India, the leading crypto exchange issued a clarification that the warning was only aimed at India-based users that were violating its standards, Cointelegraph wrote.
According to the initial report, Coinbase sent out a mass email to India users, alerting that it would discontinue all services by Sept. 25. The exchange requested they remove all remaining balances on the exchange by that date.
Disabled access to certain retail accounts
A Coinbase spokesperson told Cointelegraph that the exchange would cease to provide Retail Services to accounts that no longer met their “updated standards for the services.” The users were assured that would not affect their access to Coinbase Cloud services.
The spokesperson assured that only customers who were in violation of the updated standards had received the email, adding:
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. We will therefore be disabling these accounts, and allow customers to update their information at a later date.
Rerouting use to Coinbase Wallet
Some India users reported that the exchange wasn’t allowing them to sign up, prompting them to download Coinbase Wallet, its wallet app, instead.
Local regulators pushed against UPI
Coinbase launched its services in India just over a year ago. A few days after the launch, Coinbase succumbed to pressure from Indian regulators to suspend payment processing via United Payments Interface (UPI).
Remaining limitations
India-based users who had bought crypto before UPI was shut down were still able to trade crypto assets in their wallets with other users via the peer-to-peer method. At the time of writing, however, they can only access existing assets from their accounts.
