Fun

News Feed - 2023-09-11 01:09:11

Tom Mitchelhill4 hours agoCoinbase issues clarification after reports of it ceasing services in IndiaA Coinbase spokesperson confirmed the firm is committed to India over the long term and will “continue to explore ways to strengthen our presence in this important market.”2496 Total views11 Total sharesListen to article 0:00NewsJoin us on social networksCoinbase has issued a clarification after a circulating report suggested that it would soon halt all operations for its Indian customers.


According to Sept. 11 reports from TechCrunch and Economic Times, Coinbase India users were reportedly warned via email that all services would be discontinued by Sept. 25 and were urged to to remove any funds that remained on the exchange.Coinbase said in an email that it would stop providing all trading services to users in India after September 25 and advised users to withdraw all funds in their accounts. Additionally, Coinbase has banned Indian users from registering on the exchange, advising them to download…— Wu Blockchain (@WuBlockchain) September 11, 2023


However, it is understood that the notice was not aimed at all Indian customers and was instead aimed at those breaching the exchange’s standards. 


“We are reaching out to inform you that we will be discontinuing all Coinbase Retail services linked to your above-mentioned account, as we will be disabling access for the retail accounts that no longer meet our updated standards for these services," according to an email on Sept. 8 that was shared by a Coinbase spokesperson to Cointelegraph.


“Please note that this does not impact your access to/use of Coinbase Cloud services which will continue to be accessible to you through your account,” it added.


In a statement, the spokesperson reiterated that the email was only sent to account holders whom Coinbase deemed as breaching their “updated standards.”


“It is possible that during the course of a recent routine review of our systems, some accounts may have been identified that no longer meet our updated standards. We will therefore be disabling these accounts and allow customers to update their information at a later date,” the spokesperson added.“Affected users’ funds remain safe with us, and they continue to be able to withdraw their balances and send to other crypto service providers until 25 September.”


The original report from TechCrunch has been widely shared on social media, being picked up by a number of prominent accounts on X (formerly known as Twitter) including Wu Blockchain. 


However, the reports also suggest Coinbase has put a stop to Indian users signing up to its exchange, instead prompting them to download its wallet application, Coinbase Wallet.


However, this has been in place since June and only impacts exchange accounts, according to a Coinbase spokesperson.India-based users attempting to sign up are instead prompted to download Coinbase Wallet. Source: Coinbase sign-up page when accessed from India


“We stopped allowing new user sign ups on our exchange product in India back in June of this year. We maintain a robust tech hub in the country and offer live products, including our Coinbase Wallet. We are committed to India over the long term and continue to explore ways to strengthen our presence in this important market,” they added.


Related: India G20 confirms ‘active discussions’ around global crypto framework


Coinbase launched in India on April 7, 2022; however, just days later, on April 11, the exchange halted payment services through United Payments Interface (UPI) on its platform for Indian users due to pressure from local regulators.Coinbase: We are launching in India!

Indian Central Bank: Not so fast. pic.twitter.com/0rcCFM8tgh— Coin Bureau (@coinbureau) April 11, 2022


Indian users who had purchased crypto prior to the UPI shutdown on the platform could trade existing crypto assets in their wallets with other users by way of peer-to-peer or P2P trading. However, as of the the time of publication, Indian users on Coinbase are only able to existing crypto assets from their accounts. 


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: NFT collapse and monster egos feature in new Murakami exhibition


Update (Sept. 11, 6:15 am UTC): This article has been updated to include an additional comment from a Coinbase spokesperson about its commitment to the Indian market. # Coinbase# Cryptocurrencies# Business# Adoption# India# Cryptocurrency ExchangeAdd reactionAdd reactionRead moreHow to track and report crypto transactions for tax purposesHuman vs. AI: Who is better at crypto investing?10 years later, still no Bitcoin ETF — but who cares?

News Feed

Government Agencies Need Crypto Wallets and Access to Exchanges, Russian Prosecutors Say
Government Agencies Need Crypto Wallets and Access to Exchanges, Russian Prosecutors Say Russian authorities are finding it hard to cash out digital assets they have gotten hold of
Cardano node upgrade underway following mainnet DDoS attack
Arijit Sarkar12 hours agoCardano node upgrade underway following mainnet DDoS attackA failed DDoS attack on the Cardano blockchain led developers to initiate a node upgrade to enhance security.2204 Total views2 Total sha
Key Bitcoin price metric drops to a 2-week low — Is the BTC bull market over?
Marcel Pechman5 hours agoKey Bitcoin price metric drops to a 2-week low — Is the BTC bull market over?Bitcoin price has dropped to a worrying low, leading some traders to throw in the towel and claim the bull run is ov
Ethereum Staking Hits Record High: 29.02% Of Supply Locked Signals Long-Term Conviction
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Bitcoin Meets Heartbreak In Drake’s Latest Track—Details
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Charlie Munger: Everybody Should Avoid Crypto ‘as if It Were an Open Sewer, Full of Malicious Organisms’
Charlie Munger: Everybody Should Avoid Crypto "as if It Were an Open Sewer, Full of Malicious Organisms" Berkshire Hathaway Vice Chairman Charlie Munger, Warren Buffett’s ri
Education Ecosystem Is Set to Become the Biggest Crypto Channel for Developers on YouTube
Education Ecosystem Is Set to Become the Biggest Crypto Channel for Developers on YouTube press release PRESS RELEASE. Education Ecosystem(LEDU), a leader in online project-based le
Neon Link Announces Limited Presale Of The $NEON Token That Will Power A Thousand Blockchain Games
Neon Link Announces Limited Presale Of The $NEON Token That Will Power A Thousand Blockchain Games press release Press Release. LONDON, ENGLAND – February 2nd, 2023 – Neon Link,
Cboe reorganization will merge or eliminate digital arm’s activities
Derek Andersen6 hours agoCboe reorganization will merge or eliminate digital arm’s activitiesThe exchange is optimizing operations after acquiring ErisX on the eve of crypto winter and expects to save millions.2576 Tot
G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards
G20 Kicks Off 2020 Discussion on Cryptocurrencies — Urges Countries to Apply FATF Standards The G20 finance ministers and central bank governors had their first 2020 meeting th
Solana Next Major Move? SOL’s Renewed Uptrend Smashes Through $137
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Zksync Devs Plan to Launch Layer 3 Scaling Solution Called ‘Opportunity’ in Q1 2023
Zksync Devs Plan to Launch Layer 3 Scaling Solution Called "Opportunity" in Q1 2023 Matter Labs, the team behind the Ethereum layer two (L2) scaling protocol Zksync, revealed the d