Argentina's Crypto Access Shrinks as Coinbase Halts Peso Services 🇦🇷
In a significant shift for the regional crypto landscape, Coinbase has suspended Argentine peso (ARS) deposit and withdrawal services less than one year after their high-profile launch. The exchange has notified users that peso-based “cash” trading pairs are now in a “sell-only” mode, effectively winding down direct fiat access.
This move sharply reduces easy on- and off-ramps for Argentines seeking to use cryptocurrencies, particularly for dollar conversion or savings preservation. The pause underscores the persistent operational challenges in Argentina's volatile economic environment, characterized by strict capital controls, rapid peso devaluation, and complex local banking regulations.
The timing is notable. Argentina has been a key growth market for crypto adoption, with many citizens turning to stablecoins like USDT as a hedge against hyperinflation and currency instability. Coinbase's entry in mid-2025 was seen as a major legitimizing force. This partial retreat may push users toward peer-to-peer (P2P) platforms or other exchanges that maintain local fiat rails, potentially increasing fragmentation and risk.
While the company has not detailed a timeline for reactivation, the decision highlights the delicate balance global exchanges must strike when navigating economies with unstable monetary policy. It also serves as a reminder of the infrastructural fragility that can impact crypto accessibility in emerging markets, even as demand soars.
For the local crypto community, this development represents a step backward in financial connectivity, emphasizing the need for resilient, decentralized alternatives.
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