???? Yello Paradisers!
Here’s some News raising eyebrows in the crypto industry: Coinbase recently sent emails to some Indian customers, asking them to withdraw their funds by September 25, 2023. This led to confusion about the status of Coinbase’s operations in India.
???? Clarification from Coinbase
The exchange clarified that while its trading operations have been suspended for several months, its wallet services and tech hub continue to operate in India. The emails were sent as a “friendly reminder” and were also sent to some non-Indian users.
???? Reason for Suspension
Coinbase had initially launched in India in April 2022, touting the Unified Payments Services (UPI) as central to its operations. However, within hours, the authority behind UPI stated it was “not aware of any crypto exchange” using the service. Coinbase then marked UPI services as “temporarily unavailable,” and some payment processors subsequently cut off local crypto exchanges.
???? Long-term Commitment
Despite the challenges, Coinbase remains committed to the Indian market. A spokesperson stated that they maintain a robust tech hub in the country and offer live products, including their Coinbase Wallet. They are exploring ways to strengthen their presence in this crucial market.
???? Staff Changes and Future Plans
Some senior leadership in India has left Coinbase recently, including Arnab Kumar, the Director of India Market Expansion. Despite this, the company plans to focus on its Wallet services and tech hub, which caters to the APAC region and the world.
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