Coinbase India Wallet Services & Tech Hub Active

Coinbase, a prominent cryptocurrency trading platform, has explained the suspension of its exchange activities in India, as reported in a public report.

Several months ago, the exchange officially announced the suspension of its trading activities in India.

It emphasizes that its wallet services and technology hub continue to operate and are fully functional.

This announcement was made after the exchange sent emails to specific clients in India and elsewhere who utilized its services in non-Indian regions.

These emails were sent for the first time on June 26, followed by reminders on September 9. By September 25, 2023, they requested that users withdraw their funds from the exchange.

Due to updated regulatory requirements, Coinbase is discontinuing its services for these accounts, the company clarified.

It reassured users that their funds are secure and can be transferred to other cryptocurrency wallets or services, subject to the standard network and transaction fees.

The exchange’s concentration in India has shifted towards expanding its wallet services and technology hub.

This center is actively engaged in the development of solutions for APAC and the global market.

Due to regulatory pressures, Coinbase suspended its UPI payment services only four days after launching in India on April 7, 2022.

Peer-to-peer trading is still possible for Indian consumers who acquired cryptocurrency before the UPI suspension.

Currently, Indian exchange consumers can only withdraw their existing cryptocurrency assets.

Brian Armstrong, the chief executive officer of Coinbase, cited pressure from India’s central bank as a significant factor in the exchange’s decision to cease operations.

Despite these obstacles, Coinbase remains committed to servicing the Indian market.

It focuses on enhancing its wallet services and technology hub to satisfy the rising demand for cryptocurrencies in India and worldwide.