Coinbase informed Argentine users it will discontinue peso-to-USDC trading effective January 31.
The exchange launched local currency operations in Argentina just one year ago after receiving regulatory approval.
Users have a 30-day window to convert and withdraw pesos before the cutoff date.
Crypto-to-crypto trading remains fully operational on the platform.
What Happened
Coinbase notified users around January 3 that peso-based USDC purchases and withdrawals to local bank accounts will no longer be available.
The company did not disclose specific reasons for discontinuing fiat operations.
Coinbase launched operations in Argentina on January 28, 2025 after receiving approval from the National Securities Commission.
The exchange appointed Matías Alberti from companies including Buenbit and Clara to lead regional operations.
A Coinbase study showed 87% of Argentinians viewed cryptocurrency as a path to financial independence.
Argentina's crypto landscape was shaken in February 2025 when President Javier Milei promoted the LIBRA meme coin.
The token surged to over $4 billion market capitalization before collapsing by more than 85% within hours.
Losses from the scandal reached between $100 million and $251 million according to investigators.
Read also: Dogecoin, PEPE And Shiba Inu Jump Double Digits: Why Meme Coins Are 2026's First Big Bet
Why It Matters
Argentina's central bank is reportedly drafting regulations allowing traditional banks to offer crypto trading and custody services.
The new rules could be approved around April 2026 according to local exchanges.
Ana Gabriela Ojeda, a Latin American Web3 voice, noted such decisions typically stem from complex fiat operations.
Unclear regulation, correspondent bank reliance, high compliance costs and limited transaction volumes often drive withdrawals.
Coinbase stressed the pause does not imply permanent market exit.
The exchange continues developing Base, its Ethereum Layer-2 network, in Argentina.
Read next: US Crypto ETFs Record $670 Million In Inflows On First Trading Day Of 2026