Cryptocurrency exchange Coinbase is set to cease “all services” for its users in India starting from September 25, as communicated in an email sent to users on Sunday (September 10).
The email instructed users to withdraw any funds from their accounts by the specified date. Additionally, Coinbase has stopped new user signups for its app in India.
The decision appears to have come after a routine review that identified some accounts as non-compliant with the company’s updated standards.
Coinbase plans to disable these accounts but will allow customers to update their information at a later time.
Despite launching in India in April 2022, Coinbase faced regulatory pressure and halted its UPI service shortly after launch, although Indian users could still engage in peer-to-peer trading with their existing cryptocurrencies.
The Reserve Bank of India reportedly applied “soft pressure” behind the scenes to discourage payments conducted through UPI.
While Coinbase’s crypto services have been unavailable in India since it disabled UPI, the exchange maintains that users’ funds are secure and can be sent to other crypto wallets or services.
