US Crypto Exchange Coinbase To Cease These Services In India; Key Highlights Here

American publicly traded company that operates a cryptocurrency exchange platform, Coinbase has decided to cease its retail services in India with effect from September 25. The platform issued a notice to account holders who it deemed as breached their "updated standards." However, Coinbase has assured that Coinbase Cloud services will be accessible.

A Coinbase spokesperson in an email told "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 email was shared with Cointelegraph.

Further, in the email, the Coinbase spokesperson added that this does not impact your access to/use of Coinbase Cloud services which will continue to be accessible to you through your account.

Colin Wu, Chinese Reporter tweeted saying, "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 Coinbase Wallet instead. Coinbase has long faced regulatory pressure in India, prompting the departure of at least two top executives."

Adding Wu's tweet said, "As reported by Cointelegraph, the notice was not targeted at all Indian customers, but rather those who violated the exchange's standards."

Coinbase's clarification comes after Tech Crunch on Monday reported that it disabled new user sign-up in its exchange country, where its operations have remained in limbo for over a year. The platform issued a clarification to media reports, including one in TechCrunch, that said otherwise citing customer emails.

In the second quarter of 2023, the company reported net revenue of $663 million as against $803 million in the same quarter a year ago. However, its net loss narrowed to $97 million compared to a net loss of $1,094 million in Q2 of 2022. Meanwhile, adjusted EBITDA stood at $194 million in Q2 2023, as against a loss of $151 million last year same quarter.

For the third quarter of 2023, Coinbase told its shareholders in the earnings report "We expect Q3 subscription and services
revenue to be at least $300 million and Q3 transaction expenses as a percentage of net revenue to be in the mid-teens. We
anticipate Q3 technology & development and general & administrative expenses to be $575-625 million, with the Q/Q increase primarily driven by the timing of recognition of stock-based compensation expenses. We expect sales & marketing expenses to be $80-90 million. Lastly, we maintain our goal to improve full-year 2023 Adjusted EBITDA in absolute dollar terms versus full-year 2022."

In July, the company generated approximately $110 million of transaction revenue.