Coinbase Discontinues Services for ‘Policy Violators’ in India; Reportedly Shuts New Registrations 3b21t Technology News

Coinbase reportedly said it has sent emails informing s found to be in violation of its policies during internal audits. 5t6j3s

Written by David Delima | Updated: 11 September 2023 14:40 IST

Coinbase Discontinues Services for ‘Policy Violators’ in India; Reportedly Shuts New Registrations

Photo Credit: Gadgets 360/ Radhika Parashar 3a6d1r

Affected Coinbase s in India have until September 25 to withdraw their funds

Highlights

Coinbase launched its operations in India last year
The firm has identified some questionable s in India
Coinbase has also reportedly disabled new registrations from Indian s

ment

Coinbase on Monday clarified that it was not shutting operations in India, hours after reports surfaced that it had emailed customers asking them to withdraw their funds before September 25. The exchange reportedly stated that it is not ceasing its India operations for all s. The confusion over the company's services in India comes just days after crypto-related suggestions and concerns were voiced by world leaders during the G20 Summit as well as the Global Fintech Fest 2023, both of which were held in the country last week.

Media reports earlier on Monday claimed Coinbase was going to discontinue its services in India citing an email that some of Coinbase's India s received over the weekend. This email directed its receivers to withdraw any funds that were stored with the exchange.

The exchange has only sent this email to those of its s who have been identified to be in violation of its policies, sources familiar with the matter confirmed to Gadgets 360. More updates on the same remain awaited from the company's end.

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Meanwhile, a TechCrunch report states that the company has also stopped new registrations from s in India. "It is possible that during the course of a recent routine review of our systems, some s may have been identified that no longer meet our updated standards. We will therefore be disabling these s and allow customers to update their information at a later date,” a company spokesperson told the publication.

s of crypto exchanges in India need to provide KYC-related information as per company guidelines to access services on the direction of most government regulations.

Coinbase launched its services in India in April last year. In August 2022, when Coinbase announced that it was going to let Indian s purchase crypto on its app via UPI payments, the National Payments Corporations of India (NPCI) said it did not authorise Coinbase to provide this feature.

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The exchange halted the release of this feature after the NPCI's clarification, and was never rolled out to s in the country.

Due to a lack of clarity caused by the absence of crypto regulations, the government and the RBI have not been ive of promoting crypto-related activities in the country, which was also criticised by Coinbase chief Brian Armstrong at the time.

Is the Samsung Galaxy Z Flip 5 the best foldable phone you can buy in India right now? We discuss the company's new clamshell-style foldable handset on the latest episode of Orbital, the Gadgets 360 podcast. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Radhika Parashar

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Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at [email protected]. More