Coinbase is stopping the issuance of new loans through its Borrow service, a product that allows certain US customers to post crypto as collateral to receive a cash loan. In an email sent to Coinbase Borrow customers on May 3, the exchange said that from May 10 customers won’t be able to take out new loans with Coinbase Borrow. The service allows users to borrow from the exchange against up to 40% of their Bitcoin holdings, with a $1 million limit. It requires no credit check and users pay a nearly 9% annual percentage rate for the service. Coinbase has not publicly addressed why it closed Borrow, but it comes in the backdrop of a regulatory scuffle between Coinbase and the Securities and Exchange Commission. (Cointelegraph)
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Coinbase to Cease Issuing New Bitcoin-backed Loans via Borrow Service
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