oinbase">Coinbase has moved to clarify reports that it was shutting down all services in India. The crypto exchange sent emails to some Indian customers stating services would cease on September 25th.
However, oinbase">Coinbase has now explained the emails referred only to accounts found in violation of updated policies during a routine systems check. As per a spokesperson, only non-compliant Indian users will lose access.
oinbase">Coinbase’s statement provides reassurance after initial emails suggested a blanket termination of services in the key market. The company’s oinbase">Coinbase Cloud and other offerings will remain available to Indian users.
Despite investing in major Indian exchanges, oinbase">Coinbase has struggled to gain traction in the country. Its own exchange service launch under CEO Brian Armstrong was met with immediate resistance from local payment partners.
Efforts to collaborate with authorities like India’s central bank had limited success. In May, oinbase">Coinbase halted trading services due to regulatory pressure.
With India now pushing for global crypto regulation as G20 chair, the landscape remains challenging. However, oinbase">Coinbase still aims to clarify its intention to provide compliant services for the majority of Indian users.
The confusion over its status in India highlights ongoing uncertainty as oinbase">Coinbase works to expand its reach while adhering to complex regulations across multiple jurisdictions.
