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Coinbase to Cease New Loan Issuance Through Bitcoin Borrow Service

Global crypto giant Coinbase has announced plans to shutter its loan services.  Effective May 10, Bloomberg reports, Bitcoin-backed loans will cease to be available to customers. The exchange emphasized a focus on prioritizing offerings of utmost importance to clientele, resulting in continuous evaluation of its products.

Notably, this decision coincides with mounting regulatory scrutiny from the US SEC and ongoing customer litigation.

The Bloomberg report revealed that Coinbase’s Bitcoin loan amount could be as high as $1 million. Customers can borrow up to 40% of their BTC holdings, with an 8.7% annual interest for each loan taken. 

(by Yuri Molchan)

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