Coinbase, a U.S.-based cryptocurrency exchange, has informed crypto traders that they would be unable to obtain loans from the exchange starting from May 10, 2023.
The cryptocurrency exchange offers a service known as “Coinbase Borrow”, that allows customers to use 30 per cent of their Bitcoin holdings to borrow about $1 million, which comes with interest.
Bitcoin traders got the update on Coinbase’s loan option via email on Wednesday. It was disclosed that the decision was driven by regulators’ scrutiny.
