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>>Coinbase’s Argentina Pause: Unexpected Stop to Peso‑USDC Trading and Local Withdrawals Rocks the Market

Coinbase’s Argentina Pause: Unexpected Stop to Peso‑USDC Trading and Local Withdrawals Rocks the Market

crypthub

6 days ago

Suspension Announcement

Coinbase will end its Argentine peso (ARS) to USDC conversion and local bank withdrawal services on January 31 2026. The service launched in January 2025 after gaining regulatory approval, but the company gave no public reason for the reversal. Thousands of Argentine users who relied on this gateway now face an imminent loss of fiat on‑ramp access.

Regulatory and Market Environment

Argentina’s crypto framework remains unsettled, with the CNV tightening oversight and the central bank enforcing strict foreign‑exchange controls. Local platforms such as Buenbit, Lemon Cash and Ripio continue to operate, but Coinbase’s exit removes a major international player with deep liquidity. High inflation and multiple exchange rates create costly compliance and pricing challenges for foreign exchanges.

User Impact and Immediate Steps

Affected users must convert remaining ARS balances to crypto or withdraw to local banks before the deadline. After January 31, fiat deposits and withdrawals will be unavailable, though existing crypto holdings can remain on Coinbase, subject to higher international transfer fees. Many will turn to alternative Argentine exchanges or self‑custody solutions.

Regional and Industry Implications

The move highlights the tension between global crypto firms and volatile, regulated markets in Latin America. It may prompt other international exchanges to reassess their presence in the region while giving local platforms an opportunity to expand. The decision underscores how regulatory uncertainty and economic volatility can reshape crypto adoption pathways.