Coinbase will stop issuing new loans backed by Bitcoin starting May 10

ChainCatcher news, Coinbase stated in a statement that it will stop issuing new loans for users borrowing against Bitcoin as collateral. This measure will take effect on May 10, 2023, and customers will no longer be able to obtain new loans through Coinbase Borrow; this policy does not affect customers' outstanding loans.

It is reported that Coinbase Borrow offers Bitcoin loans of up to $1 million, but only in certain states in the U.S. Due to regulatory uncertainty surrounding the exchange, Coinbase will announce its quarterly results on May 4. (Bloomberg)