{"id":543731,"date":"2023-07-21T16:30:47","date_gmt":"2023-07-21T16:30:47","guid":{"rendered":"https:\/\/ktsl888.com\/?p=543731"},"modified":"2023-07-21T16:09:33","modified_gmt":"2023-07-21T16:09:33","slug":"coinbase-borrowers-have-four-months-to-pay-back","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/coinbase\/coinbase-borrowers-have-four-months-to-pay-back\/","title":{"rendered":"Coinbase Exchange Tells Borrowers That They Have Four Months To Pay Back"},"content":{"rendered":"

Coinbase, America’s largest crypto exchange, is winding down its Borrow program and has given borrowers four months to repay their loans.\u00a0<\/span><\/p>\n

Coinbase To Shut Down Borrow Program<\/span><\/h2>\n

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.\u00a0<\/span><\/p>\n

Related Reading: Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion<\/a><\/div>\n

Many saw Coinbase Borrow as an easy way to access cash without selling their crypto holdings. Unfortunately, the crypto exchange recently announced it is shutting down the program. Current borrowers have four months left to repay any outstanding loan balances before the program closes for good.\u00a0<\/span><\/p>\n

According to a company <\/span>blog post<\/span><\/a>, the update will only affect customers with existing loans with due dates after November 20, 2023.\u00a0 After this date, all accounts that still have outstanding loans will be paid off by selling enough BTC collateral to cover the full amount of any outstanding debt.\u00a0<\/span><\/p>\n

The exchange initially charges a 2% liquidation fee for borrowers who are unable to pay up their loans before the due date. However, the exchange said the liquidation fee is going to be waived in this case.<\/span><\/p>\n

\"Coinbase<\/p>\n

COIN price sitting at $102 | Source: Coinbase Global, Inc. on Tradingview.com<\/a><\/pre>\n

Why Is The Exchange Shutting Down The Program?<\/span><\/h2>\n

The closure of Coinbase Borrow was first touted two months ago. In early May, Coinbase announced May 10 as the final day customers can take out new loans through the program.<\/span><\/p>\n

Launched in November 2021 during the height of the crypto bull run, Coinbase’s borrow program was advertised as a way to get fiat loans quickly without needing to sell bitcoin. With the entire cryptocurrency market now in calmer waters, it seems the borrow program isn’t gaining as much traction as hoped. According to Coinbase, it is making the decision in order to focus on other products. “the offerings that our customers care about most.”<\/span><\/p>\n

\u201cWe regularly evaluate our products to ensure we\u2019re prioritizing the offerings that our customers care about most. After much consideration, we have made the decision to wind down Coinbase Borrow,\u201d the blog post read.<\/span><\/p>\n

Related Reading: Binance Burns $480 Million In BNB, Will Price Recover?<\/a><\/div>\n

Regulatory issues could also have played a role in the exchange’s decision. The California-based exchange has been under scrutiny from US regulators for years. The Securities and Exchange Commission (SEC) recently sued Coinbase on June 6, for its staking program and for making billions of dollars in its role as a middleman for the alleged trading of unregistered securities.\u00a0<\/span><\/p>\n

Cryptocurrency regulations on trading, borrowing, and staking remain unclear. However, Coinbase says the SEC can only pursue its claims if cryptocurrencies and staking services have been established as securities.<\/span><\/p>\n

Featured image from CNBC, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Coinbase, America’s largest crypto exchange, is winding down its Borrow program and has given borrowers four months to repay their loans.\u00a0 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.\u00a0 Related Reading: Ethereum Monthly Burn Surpasses 146,000 ETH As Total Clears $6.5 Billion Many saw Coinbase Borrow as an easy way to access cash without selling their crypto holdings. Unfortunately, the crypto exchange recently announced it is shutting down the program. Current borrowers have four months left to repay any outstanding loan balances before the program closes for good.\u00a0 According to a company blog post, the update will only affect customers with existing loans with due dates after November 20, 2023.\u00a0 After this date, all accounts that still have outstanding loans will be paid off by selling enough BTC collateral to cover the full amount of any outstanding debt.\u00a0 The exchange initially charges a 2% liquidation fee for borrowers who are unable to pay up their loans before the due date. However, the exchange said the liquidation fee is going to be waived in this case. COIN price sitting at $102 | Source: Coinbase Global, Inc. on Tradingview.com Why Is The Exchange Shutting Down The Program? The closure of Coinbase Borrow was first touted two months ago. In early May, Coinbase announced May 10 as the final day customers can take out new loans through the program. Launched in November 2021 during the height of the crypto bull run, Coinbase’s borrow program was advertised as a way to get fiat loans quickly without needing to sell bitcoin. With the entire cryptocurrency market now in calmer waters, it seems the borrow program isn’t gaining as much traction as hoped. According to Coinbase, it is making the decision in order to focus on other products. “the offerings that our customers care about most.” \u201cWe regularly evaluate our products to ensure we\u2019re prioritizing the offerings that our customers care about most. After much consideration, we have made the decision to wind down Coinbase Borrow,\u201d the blog post read. Related Reading: Binance Burns $480 Million In BNB, Will Price Recover? Regulatory issues could also have played a role in the exchange’s decision. The California-based exchange has been under scrutiny from US regulators for years. The Securities and Exchange Commission (SEC) recently sued Coinbase on June 6, for its staking program and for making billions of dollars in its role as a middleman for the alleged trading of unregistered securities.\u00a0 Cryptocurrency regulations on trading, borrowing, and staking remain unclear. However, Coinbase says the SEC can only pursue its claims if cryptocurrencies and staking services have been established as securities. Featured image from CNBC, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":543749,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88391],"tags":[1393,88672,15888,88671,12307,17194],"class_list":["post-543731","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coinbase","tag-coinbase","tag-coinbase-borrow","tag-coinbase-exchange","tag-crypto-borrowing","tag-crypto-exchange","tag-crypto-lending"],"acf":[],"yoast_head":"\nCoinbase Exchange Tells Borrowers That They Have Four Months To Pay Back<\/title>\n<meta name=\"description\" content=\"Coinbase, America's largest crypto exchange, is winding down its Borrow program and has given borrowers four months to repay their loans.\u00a0 Coinbase To\" \/>\n<meta name=\"robots\" content=\"index, follow, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/ktsl888.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Coinbase Exchange Tells Borrowers That They Have Four Months To Pay Back","url":"http:\/\/ktsl888.com\/news\/coinbase\/coinbase-borrowers-have-four-months-to-pay-back\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/ktsl888.com\/news\/coinbase\/coinbase-borrowers-have-four-months-to-pay-back\/"},"thumbnailUrl":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/Coinbase-1.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/Coinbase-1.jpeg?fit=929%2C523"},"articleSection":"Coinbase","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/ktsl888.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["coinbase","coinbase borrow","coinbase exchange","crypto borrowing","crypto exchange","crypto lending"],"dateCreated":"2023-07-21T16:30:47Z","datePublished":"2023-07-21T16:30:47Z","dateModified":"2023-07-21T16:30:47Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Coinbase Exchange Tells Borrowers That They Have Four Months To Pay Back\",\"url\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/coinbase\\\/coinbase-borrowers-have-four-months-to-pay-back\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/ktsl888.com\\\/news\\\/coinbase\\\/coinbase-borrowers-have-four-months-to-pay-back\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Coinbase-1.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/Coinbase-1.jpeg?fit=929%2C523\"},\"articleSection\":\"Coinbase\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/ktsl888.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"coinbase\",\"coinbase borrow\",\"coinbase exchange\",\"crypto borrowing\",\"crypto exchange\",\"crypto lending\"],\"dateCreated\":\"2023-07-21T16:30:47Z\",\"datePublished\":\"2023-07-21T16:30:47Z\",\"dateModified\":\"2023-07-21T16:30:47Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/ktsl888.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/ktsl888.com\/wp-content\/uploads\/2023\/07\/Coinbase-1.jpeg?fit=929%2C523","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/543731"}],"collection":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/comments?post=543731"}],"version-history":[{"count":0,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/posts\/543731\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media\/543749"}],"wp:attachment":[{"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/media?parent=543731"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/categories?post=543731"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ktsl888.com\/wp-json\/wp\/v2\/tags?post=543731"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}