Coinbase (COIN) is pulling back some of its operations in Argentina, less than a year after formally entering the country’s crypto market.

The U.S.-based exchange informed users via an email shared widely on social media that it will suspend the ability to buy or sell the USDC stablecoin using Argentine pesos, effective Jan. 31, 2026. After that deadline, traders will no longer be able to withdraw pesos to local banks or on-ramp with fiat.

The company described the move as a “deliberate pause,” saying it plans to reassess and eventually return with a stronger product offering. Crypto-to-crypto trading functionalities remain unaffected, the company said.

Argentina was one of Coinbase’s headline expansion efforts in 2025, following the firm's receipt of regulatory approval from the country’s National Securities Commission (CNV).

High inflation and tight capital controls have made the country one of Latin America’s most active crypto markets, where, at the time, Coinbase said 5 million Argentinians used crypto daily.

Despite the rollback, Coinbase says it isn’t leaving Argentina and will be working on a stronger product, according to Forbes Argentina. It's also working with local partners through the Base ecosystem. One of those partners is local crypto exchange Ripio, which in November last year launched an Argentine peso stablecoin called wARS

Argentina’s central bank is reportedly analyzing allowing banks to offer cryptocurrency services to account holders. New rules for these institutions could be ready as soon as April.