Cryptocurrency exchange Coinbase informed its existing Indian users who did not meet the company’s updated standards that they will have to withdraw their funds by 25 September.
TechCrunch reported on 11 September that Coinbase India customers were reportedly told that all of its services would be discontinued by end of the month. This was widely circulated and picked up by other news outlets as well.
However, Coinbase came forward to clarify that this move does not affect its other users who remain compliant of its new updated standards.
“It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards.
We will therefore be disabling these accounts and allow customers to update their information at a later date.”
a Coinbase spokesperson told Cointelegraph in an email.
The TechCrunch article also mentioned that new user sign-ups have been suspended where users were instead directed to download its wallet application.
However, this restriction has been in place since June as the crypto exchange has faced regulatory challenges in the country since its launch in April 2022.
Despite the ongoing challenges, Coinbase said that it is “committed to India over the long-term and continue to explore ways to strengthen our presence in this important market”.