Coinbase (COIN) is withdrawing some of its operations in Argentina, less than a year after officially entering the country’s crypto market.
The US-based exchange informed users via an email widely shared on social media that it will suspend the ability to buy or sell the USDC stablecoin using Argentine pesos, effective January 31, 2026. After this deadline, traders will no longer be able to withdraw pesos from local banks or use fiat currencies.
The company described the move as a “deliberate pause,” saying it plans to reevaluate and possibly return with a stronger product offering. Crypto-to-crypto trading features are not affected, the company said.
Argentina was one of Coinbase’s main expansion efforts in 2025, after the company received regulatory approval from the country’s National Securities Commission (CNV).
High inflation and strict capital controls made the country one of the most active crypto markets in Latin America, where, at the time, Coinbase said 5 million Argentines used crypto daily.
Despite the pushback, Coinbase says it will not leave Argentina and will work on a stronger product, according to Forbes Argentina. It also works with local partners through the Base ecosystem. One such partner is local crypto exchange Ripio, which launched an Argentine peso stablecoin called wARS in November last year.
Argentina’s central bank is reportedly considering allowing banks to offer cryptocurrency services to account holders. New rules for these institutions could be ready as early as April.
