Coinbase India Is Suspending Certain Crypto Accounts that Aren’t Complying with Updated Standards

Digital asset firm Coinbase (NASDAQ:COIN) provided a clarification following a an update indicating that the exchange operator will be suspending business operations for consumers residing in India.

As widely reported, Coinbase India clients will cautioned via an email message that crypto services will no longer be supported by September 25 2023. The exchange’s customers have been requested to withdraw their holdings which might still be held on the crypto trading platform.

But now, it’s being reported that the recent announcement is not meant for all India-based customers. It’s intended for clients who might be violating the firm’s rules/guidelines.

Coinbase’s management has said that they will be discontinuing all retail services that are connected to various accounts.

The service provider will also be “disabling access for the retail accounts that no longer meet their updated standards for these services.”

The crypto exchange added that this will “not impact your access to/use of Coinbase Cloud services which will continue to be accessible to you through your account.”

The Coinbase rep clarified that the email has only been distributed to account holders that the company determined as not following their “updated standards.”

The firm pointed out that it is possible that during the course of “a recent routine review of their systems, some accounts may have been identified that no longer meet our updated standards.”

The company will, therefore, be “disabling these accounts and allow customers to update their information at a later date.”

It’s worth noting that this announcement appears to be part of standard practice, with global AML/KYC requirements becoming more comprehensive on a global level. Although the crypto space is still in its early stages of development and adoption, regulators throughout the world now seem to have a much better understanding of how crypto transactions are performed.

As Coinbase recently reported, regulators in most major jurisdictions across the globe now have an improved understanding of how virtual currencies are traded and the manner in which they’re used to make investments or carry out other financial services such as lending and borrowing (sometimes via DeFi platforms or decentralized finance protocols).

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