Recent emails from Coinbase to its users in India have sparked speculation that the company would cease all operations there. Such a move had the potential to affect many users and investors. However, subsequent clarifications from Coinbase officials revealed that the email was only sent to specific account holders who were thought to have violated the exchange’s established standards. In other words, the situation will not impact all Indian citizens or Coinbase users.
Misleading Email Warnings
A news article published by TechCrunch on September 11 stated that Coinbase would halt all of its services in India by September 25 and advised users to withdraw their funds. However, a subsequent statement from Coinbase clarified that the email had only been sent to specific account holders and that the move would affect only those accounts that failed to meet the exchange’s updated standards.
A spokesperson from Coinbase stated, “We will disable access to individual accounts that do not meet our updated standards,” While further details about these standards were not provided, it was understood that Coinbase has established a specific set of criteria and accounts that fail to meet these criteria will be removed from the platform.
The same email also noted that the action would only affect Coinbase‘s retail services, while access to Coinbase Cloud services would continue as usual.