The decision of service halt was most recently prompted by rising regulatory barriers there.
Coinbase has said that it remains committed to the Indian market.
Coinbase has informed its Indian customers that the deadline for withdrawing funds has been extended. Coinbase has decided to pull out of the nation due to regulatory pressure, prompting this action. The popular crypto exchange has banned new sign-ups and is urging customers to withdraw their assets before the deadline, despite its stated dedication to the Indian cryptocurrency sector.
Coinbase’s decision to stop serving the Indian market was most recently prompted by rising regulatory barriers there. The exchange emailed its Indian clients earlier this month to inform them of the regulatory issues, and since then it has stopped accepting new users.
Committed to Indian Market
Notably, the last day Indians were told they could use Coinbase was September 25th, 2023. All remaining funds in user accounts must be withdrawn from the platform by this time.
However, in a recent communication to Indian consumers, Coinbase announced that the withdrawal deadline has been extended to October 31, 2023. Further, it promises users that their crypto is safe and may be moved to another wallet or service, with the usual network and transaction costs. The exchange also suggests the usage of the Coinbase Wallet.
Coinbase has said that it remains committed to the Indian market and intends to investigate future chances for a more robust presence there, notwithstanding the removal of its trading services.
In April 2022, Coinbase launched in India, enabling customers there to purchase bitcoin and other cryptocurrencies over the UPI. Later, though, the portal banned crypto purchases in India and stopped offering the service altogether, claiming governmental pressure as the reason.