Coinbase India, the Indian arm of the global crypto exchange Coinbase, has issued a statement to address the rumors that it is ceasing its services in the country. The company said that it is not shutting down its operations, but rather adjusting its product offerings to comply with the local regulations and market conditions.
According to an email sent by Coinbase India to some of its customers, the company will be discontinuing its exchange services for users in India after September 25. The email advised customers to withdraw any funds they have in their accounts before the deadline. The email also said that Coinbase India will continue to provide wallet services for users who want to store and manage their crypto assets.
Coinbase India’s spokesperson told Cointelegraph that the email was only sent to a small subset of customers who had signed up for the exchange services, which were launched in April 2022 as an experiment. The spokesperson said that the exchange services were never fully operational in India, as they faced regulatory challenges and technical issues. The spokesperson added that Coinbase India is not exiting the market, but rather focusing on other products and services that are more suitable for the Indian crypto ecosystem.
Coinbase India’s spokesperson also said that the company is committed to supporting the growth and development of crypto and Web3 in India. The company has invested in two leading Indian crypto platforms, CoinDCX and CoinSwitch Kuber, as part of its Coinbase Ventures arm. The company also plans to hire more talent and build more partnerships in the country.
Coinbase India’s statement comes amid uncertainty and confusion surrounding the legal status of crypto in India. The Indian government has been deliberating on a draft bill that proposes to ban all private cryptocurrencies and create a central bank digital currency. However, the bill has not yet been tabled in parliament, and there is no clear timeline for its introduction or passage. Meanwhile, the Indian crypto industry has been growing rapidly, with millions of users and billions of dollars in trading volume.