Coinbase to Wind Down Lending Program Over Coming Months
The exchange is requiring Coinbase Borrow customers with outstanding loan balances to pay them back by November 20.
Coinbase Borrow, a program that allowed customers to receive fiat loans of up to $1 million against as much as 30% of their bitcoin (BTC) holdings, will be shutting down over the coming months as the company focuses its resources on products that “customers care about most,” a spokesperson told CoinDesk Thursday.
Customers who hold loans through the program will have until November 20, 2023 to pay back any outstanding loan balances.
“We have notified impacted loan holders and are taking extra measures to ensure a smooth transition for them, including providing a four-month loan repayment period and access to prioritized customer support through Coinbase One,” according to a statement sent to CoinDesk. Coinbase One is a monthly subscription product with multiple benefits for traders.
Coinbase that it was no longer allowing Coinbase Borrow customers to take out new loans as part of a regular process of re-evaluating its products.
The California-based exchange has been under increased scrutiny by U.S. regulators, specifically the Securities and Exchange Commission (SEC), for its operations in the U.S., and has been doubling down on its businesses elsewhere.
A spokesperson told CoinDesk back in May that the shutdown of Coinbase Borrow was simply due to reduced demand.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
July 2024: Optimizing Balanced Through New Development
In July, ICON advanced its integration efforts and optimized system performance. Key achievements including completion of audits for Stellar, and contracts for Solana. Looking ahead to August we anticipate the deployment of Sui contracts to mainnet.|
![](https://img.bitgetimg.com/multiLang/web/434504f1921aaee378f42a04d0b6172e.webp)
MAX Score Airdrop Event Reward Allocation and Claim Guide
![](https://img.bitgetimg.com/multiLang/web/1a3360b2c5a89b6bb6557a208e2ff139.webp)
Dogs: There will be something for DOGS player on August 14th
![](https://img.bitgetimg.com/multiLang/web/7ee8e3141f18d5c446d8a7bc69ecd22b.jpg)