Coinbase, the largest cryptocurrency exchange in the USA, regulates its activities in countries outside the USA.
At this point, Coinabase said in an email that it would stop serving its users in India.
Chinese journalist Wu Blockchain wrote in his post that Coinbase said that it would stop providing all trading services to users in India after September 25.
According to TechCrunch and Economic Times, in an email to its users in India, Coinbase advised them that all trading services will be stopped after September 25 and that they withdraw all money from their accounts by this date.
In addition, stating that new users are not allowed to register on the exchange, Coinbase advised users to download Coinbase Wallet instead of opening a new account.
In an email to Coinbase customers, he wrote:
“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.
“Users' funds affected by this decision will remain safe with us and they will be able to withdraw their balances and send them to other crypto service providers until September 25.”
A Coinbase spokesperson said in a statement: “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.” said.
*This is not investment advice.