An email sent by Coinbase to certain Indian users caused panic among Indian traders, fearing that Coinbase was giving notice to close operations in India.
Panic ensues
When emails popped up in the inbox of some Indian users of Coinbase, a panic started among many Indian traders who used the exchange for trading and holding cryptocurrencies.
The email laid out that all services to the users would be discontinued as from September 25, and urged these users to withdraw their funds from the exchange.
The shockwave from these emails consequently took hold on social media and within a short time the news had travelled the length and breadth of the internet.
Coinbase said in an email that it would stop providing all trading services to users in India after September 25 and advised users to withdraw all funds in their accounts. Additionally, Coinbase has banned Indian users from registering on the exchange, advising them to download…
— Wu Blockchain (@WuBlockchain) September 11, 2023
Email was only sent to certain users
However, it later became apparent that Coinbase had not sent the emails to all their Indian users, and in fact the emails were only sent to certain users who the exchange said were violating Coinbase’s updated standards.
A spokesperson for Coinbase divulged the contents of the email which read:
“We are reaching out to inform you that we will be discontinuing all Coinbase Retail services linked to your account as mentioned earlier, as we will be disabling access for the retail accounts that no longer meet our updated standards for these services.”
Indian users prompted to download Coinbase Wallet
It would appear that panic is over for the vast majority of Indian Coinbase users. Be that as it may, there is still some unease among Indian users who have been prevented from signing up to Coinbase’s exchange product since June of this year.
Coinbase has sought to assuage the fears of these users by stating that users can still access trading on the platform by downloading the Coinbase wallet.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
