Coinbase Halts Exchange Services In India while Maintaining Other Services

Coinbase, stopped its exchange services in India a while ago. But, they still offer some services like the Coinbase Wallet for people in India. They also have a tech center that is still running.

This news became hot after Coinbase sent an email on Sept. 9, reminding some customers of an earlier email from June 26. Coinbase told certain users to take out their money by Sept. 25, 2023, because their accounts did not match Coinbase's new rules. But don't worry, the email said their money was safe, and they could send it to other crypto places, including the Coinbase Wallet.

A person from Coinbase said during a check that some accounts were found which didn't fit their new rules. But these users might get a chance to update their information later.

When Coinbase started in India in April 2022, they were excited about using India's local digital payment system, UPI. But  Soon, Coinbase had problems with UPI, and some other payment services stopped working with crypto companies. The head of Coinbase later said he noticed an informal pressure from India's Central bank.

A Coinbase employee also said "We stopped new people from joining our exchange in India in June."  he continued saying, "We still have a strong tech center in India and offer the Coinbase Wallet. We want to be in India for a long time."

It also happened that Some important people from Coinbase in India left the company, including Arnab Kumar, who was in charge of growing the market in India.

Coinbase's main focus in India now is on their Wallet service and their tech center. Last year, the head of Coinbase said they wanted to add more people to their team in India. But after problems in April and when crypto prices dropped, they had to let go of 8% of their staff in India in June.