Coinbase Asks Indian Traders to Withdraw Funds by September 25
Date: 2023-09-11 Author: Dima Zakharov Categories: IN WORLD
Cryptocurrency giant Coinbase has issued a notice to some of its Indian traders. The exchange has given a deadline of September 25 for the withdrawal of their funds. This move, accompanied by halting registrations for new users from India, has been one of the buzzing news topics in the financial tech sector. Dive in to grasp the details of this unfolding event.
Coinbase, a renowned cryptocurrency exchange, has stopped catering to certain Indian users who have violated the platform’s standards. This move has led to the halt of new registrations from India on their main platform. Instead, these potential users are now being redirected to download the Coinbase Wallet.
The media shed light on this matter when they reported on emails that were circulated by Coinbase to its Indian traders. In these emails, the traders were informed that their trading services would be discontinued after the 25th of September. By this date, they are expected to have withdrawn all their funds from their respective accounts.
A representative from Coinbase later clarified this abrupt decision. The notice was exclusively for those Indian retail clients who no longer align with the updated standards of the exchange or have breached them. This announcement, however, doesn’t hinder Indians from accessing Coinbase’s cloud services. Indian nationals can still avail them through their existing accounts.
The representative further stated, “During a recent routine check of our systems, we might have identified certain accounts that no longer comply with our revamped standards. As a result, these accounts will be deactivated, and the clients will be given an opportunity to update their information later on. The funds of the affected users are safe. They can still withdraw and transfer them to other cryptocurrency service providers until September 25.”
Coinbase had ventured into the Indian market in April 2022. Nevertheless, within just a few days, they had to stop serving Indian users through the United Payments Interface (UPI) due to pressures from local regulators. At that time, Coinbase's CEO, Brian Armstrong, pointed fingers at the Reserve Bank of India (RBI), indicating that they were impeding the exchange’s operations in the country.
