Coinbase to terminate exchange services for all Indian users. The cryptocurrency platform asked its users to withdraw their funds by sending emails and also informed them that the platform would be available till 25 September 2023. The exchange platform also had restricted new signups since last year after its debut in the South Asian market faced regulatory challenges. Read further to learn more about this step taken by Coinbase, but first, let’s get to know a little about Coinbase.
Details on Coinbase and its Termination in India
Coinbase is one of the most famous cryptocurrency exchange platforms, where you can buy, sell, transfer or even store your crypto. It is an open financial system for the world where they help convert crypto into people’s local currency.
The platform also invests in CoinDCX and CoinSwitch Kuber, which are the topmost crypto exchange platforms in India, It has disabled its services for them too.
In India, it was launched in April 2022 and allowed Indian users to buy crypto using UPI(Unified Payment Interface). However, the platform eventually halted the exchange services due to the “informal pressure” from the new regulations.
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The company said in the email, read by The Economic Times, “Your funds remain secure with us, and you are able to send funds to other crypto wallets or services (subject to standard network and transaction fees), including Coinbase Wallet.”
The users who bought the crypto before the impairment on this are allowed to trade the prevailing crypto in their wallets with other users, which is known as P2P trading or peer-to-peer trading. You may also note that Indian coin users can only send existing crypto from their accounts.
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