Crypto exchange Coinbase has temporarily suspended all Argentine peso-linked services, including buying, selling, and withdrawing the local currency, less than a year after its official launch in the country in January 2025. The change, effective January 31, 2026, was announced to users on December 31, 2025, following an internal review of local operations and long-term viability.
Cryptocurrency trading remains fully active for Argentine users, who can continue to buy, sell, send, and receive digital assets. The pause specifically affects fiat rails, meaning users will no longer be able to trade the stablecoin USDC using Argentine pesos (ARS) or withdraw funds to local banks. Coinbase has granted a 30-day window for users to complete any pending peso-based USDC transactions and withdrawals.
The company described the move as a "thoughtful pause" to allow for a strategic recalibration, with plans to return with a "stronger and more sustainable product." Coinbase emphasized that it still values Argentina as a crucial market and intends to remain engaged through its Base layer-2 network, continuing collaborations with local partners like Ripio.
Industry analysts, including prominent Web3 voice Ana Gabriela Ojeda, point to regulatory ambiguity and complex banking dependencies as key challenges. Ojeda noted that compliance costs often outpace transaction volumes, and correspondent banking relationships can limit efficiency and increase operational risk for global platforms.
The decision comes amid an evolving regulatory landscape in Argentina. The Banco Central de la República Argentina is weighing draft proposals that could reverse a 2022 restriction and allow banks to trade cryptocurrencies directly, adding further uncertainty for exchanges managing local fiat infrastructure.
In a related development, Bitcoin mining firm Bitfarms also halted operations at its Rio Cuarto facility in Argentina due to an unexpected power outage from its energy supplier, Generación Mediterránea S.A. (GMSA). The outage, which began on May 12, 2025, contributed to significant revenue uncertainty, as the Argentine operations generated $6.9 million (approximately 10% of Bitfarms' total Q1 2025 revenue).
