Email Causes Panic Among Indian Traders on Coinbase
An email sent by Coinbase to certain Indian users caused panic among Indian traders, fearing that Coinbase was giving notice to close operations in India. When emails popped up in the inbox of some Indian users of Coinbase, a panic started among many Indian traders who used the exchange for trading and holding cryptocurrencies. The email laid out that all services to the users would be discontinued as from September 25, and urged these users to withdraw their funds from the exchange. However, it later became apparent that Coinbase had not sent the emails to all their Indian users, and in fact the emails were only sent to certain users who the exchange said were violating Coinbase’s updated standards.
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
Not All Indian Users Received the Email
A spokesperson for Coinbase divulged the contents of the email which read: “We are reaching out to inform you that we will be discontinuing all Coinbase Retail services linked to your account as mentioned earlier, as we will be disabling access for the retail accounts that no longer meet our updated standards for these services.” It later became apparent that Coinbase had only sent the email to certain users who were violating the exchange’s standards. While panic has subsided for most Indian Coinbase users, those who have been prevented from signing up since June still have concerns. Coinbase has reassured users that they can still access trading on the platform by downloading the Coinbase wallet.
Hot Take: Coinbase’s Communication Misstep Raises Concerns Among Indian Traders
Coinbase’s recent email communication to certain Indian users caused panic and uncertainty among Indian traders. Although the email initially appeared to indicate that Coinbase would be discontinuing all services in India, it was later clarified that the email was only sent to users who were violating Coinbase’s updated standards. This miscommunication led to widespread panic on social media and the internet. While most Indian Coinbase users have had their fears allayed, there remains unease among those who have been unable to sign up since June. Coinbase’s suggestion to download the Coinbase wallet to access trading has provided some reassurance. Moving forward, Coinbase should improve its communication methods to avoid unnecessary panic and confusion among its user base.
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