Coinbase users will no longer be able to borrow fiat against Bitcoin

2023-5-4 10:05

Coinbase Borrow — which allows users to borrow fiat against their Bitcoin (BTC) holdings — will be scrapped from May 10, Coinbase announced in a notice sent to users and shared on Twitter. The emailed notice did not provide any reason for the shutdown of the feature.

The notice added that the current loans of users will not be impacted. The notice said users would continue to have access to their loan history and the Borrow dashboard.

Coinbase Borrow enabled users to borrow up to $1 million using their Bitcoin holdings as collateral. Users could post up to 40% of their assets as collateral, and no credit checks were involved. The interest on the loans was around 9% annually.

The announcement comes when Coinbase is engaged in a regulatory scuffle with the Securities and Exchange Commission (SEC). In March, the SEC sent a Wells notice to Coinbase Wells notice to Coinbase for potential securities law violations. Last week, Coinbase filed a legal action in federal court to compel the SEC to respond to its 2022 petition that asked for guidance for the crypto industry.

Moreover, Coinbase has been facing multiple lawsuits. Earlier this week, a Coinbase shareholder filed a lawsuit alleging that Coinbase’s top executives and board members saved $1 billion by selling their stocks using inside information of impending bad news.

Coinbase is also being sued for allegedly violating Illinois’ biometric privacy law. The lawsuit alleges that Coinbase collected biometric scans of users without their express consent and without sharing how the data is managed.

Interestingly, Coinbase and other U.S.-based crypto exchanges are expanding outside the U.S. amid regulatory uncertainty. This week Coinbase announced the launch of its international exchange for institutional investors.

Meanwhile, Gemini also launched an offshore derivatives trading platform. More and more crypto businesses are expected to look for friendlier jurisdictions to expand to.

The post Coinbase users will no longer be able to borrow fiat against Bitcoin appeared first on CryptoSlate.

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coinbase borrow users against bitcoin notice fiat

Источник: cryptoslate.com

coinbase borrow → Результатов: 19


Coinbase Exchange Tells Borrowers That They Have Four Months To Pay Back

Coinbase, America’s largest crypto exchange, is winding down its Borrow program and has given borrowers four months to repay their loans.   Coinbase To Shut Down Borrow Program The Coinbase Borrow program allowed eligible Coinbase customers in certain US states to borrow up to $1 million worth of US dollars by putting up bitcoin or other cryptocurrencies as collateral.

2023-7-22 19:30


Coinbase приостанавливает выдачу кредитов через сервис Borrow

Американская криптовалютная биржа Coinbase решила приостановить работу сервиса Borrow, который позволял жителям США получать займы в фиатных валютах под залог криптовалют.

2023-5-4 12:32


Coinbase Users Will Soon Be Able to Borrow Cash with Bitcoin

In a Tweet posted yesterday, Cryptocurrency giant Coinbase announced that its U.S. customers (in select states) will soon be able to borrow a percentage of their bitcoin holdings in cash. On the Coinbase blog, product manager Thorsten Jaeckel elaborated, with today’s announcement, we want to give our customers even more control over their crypto investments […] The post Coinbase Users Will Soon Be Able to Borrow Cash with Bitcoin appeared first on BeInCrypto.

2020-8-14 17:39


Биржа Coinbase начнет выдавать фиатные кредиты под залог биткоинов

Криптовалютная биржа Coinbase анонсировала услугу кредитования в фиате под залог биткоина. Услуга станет доступна клиентам в 17 американских штатах. US customers in select states will soon be able to borrow 30% of your Bitcoin holdings in cash.

2020-8-14 14:28


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Coinbase начнет выдавать кредиты в фиате под залог биткоинов

Криптовалютная биржа Coinbase анонсировала услугу кредитования в фиате под залог биткоина. Услуга станет доступна клиентам в 17 американских штатах. US customers in select states will soon be able to borrow 30% of your Bitcoin holdings in cash.

2020-8-13 12:35


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