Coinbase to pause peso-based services in Argentina just one year after launch
Quick Take
- Coinbase will end peso-to-USDC trading and local bank withdrawals on Jan. 31, 2026.
- The exchange launched in Argentina in late Jan. 2025 after obtaining regulatory approval.
- Crypto-to-crypto trading remains operational; Coinbase calls it a “deliberate pause.”
- The retreat follows the LIBRA memecoin scandal involving President Javier Milei.
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Coinbase will pause its peso-based services in Argentina about one year after formally entering one of Latin America's most active crypto markets.
The exchange notified Argentine customers that peso-to-USDC trading will end on Jan. 31, 2026, according to Forbes Argentina. Users will no longer be able to buy or sell USDC using Argentine pesos or withdraw funds to local bank accounts after that date.
"This is a deliberate pause that allows us to reassess and strengthen our approach, so that we can return with a stronger and more sustainable product offering," a Coinbase spokesperson told Bloomberg Línea.
Crypto-to-crypto activity will continue, and customer funds remain unaffected. Users have a 30-day window to complete peso-based transactions before the cutoff.
Coinbase received Virtual Asset Service Provider registration from Argentina's National Securities Commission on Jan. 28, 2025, positioning itself as a compliance-focused player in a country where Coinbase estimated 5 million people use crypto daily.
Milei scandal looms
The pullback follows a turbulent year for crypto in Argentina. President Javier Milei endorsed the Solana-based LIBRA memecoin in Feb. 2025, prompting the token to surge to a peak $4.5 billion market cap before crashing more than 90% after wallets linked to the project cashed out over $107 million.
The scandal triggered congressional investigations, with a committee finding in November that Milei provided "essential collaboration" for the project. Milei has denied wrongdoing.
Coinbase did not cite the political environment as a factor, instead framing the pause as a strategic reassessment. The company said Latin America "continues to be a central region" for its expansion.
Argentina's central bank is considering changes to its existing rules prohibiting banks from engaging in digital asset-related activities, according to a recent report. The changes could reportedly go into effect as soon as April of this year.
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