Coinbase Global Inc. refuted recent claims of discontinuing its entire service in India. Users reportedly received an email suggesting withdrawals, triggering widespread speculation about the platform's future in the country.

CoinTelegraph reported that this claim originated from an article that TechCrunch published on Monday, Sept. 11. The outlet wrote that users of Coinbase in India received an email warning them that all of the crypto exchange’s services are set to be discontinued by Sept. 25.

In connection with this, they are told to take out their funds that are still stored in the Coinbase platform. It was also claimed that Coinbase barred Indian customers from new registrations. As per Coin Market Cap, the exchange turned off its new user sign-ups in India and advised users to download the Coinbase Wallet instead.

Coinbase released a statement to clarify the reports, stating that its services in India are not being terminated. The company’s spokesman explained that there was an email, but it was only sent to account holders that Coinbase believes to be breaching their “updated standards.”

The email was shared with CoinTelegraph by Coinbase, and it reads: “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.”

The note added, “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.”

Finally, the spokesperson said that Coinbase remained committed to India and is looking to long-term operations. He said as opposed to the discontinuation of service report, the company will instead “continue to explore ways to strengthen our presence in this important market.”

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