Coinbase said in a statement that all loan holders have been notified to repay their loans by 20 November 2023. The company is also taking additional steps to ensure a smooth transition away from the service, including providing a four-month loan repayment period and access to priority customer support through Coinbase One.
As a reminder, Coinbase announced back in May that it would stop issuing new loans as part of its regular process of re-evaluating its products and due to decreased demand for the service. Since the collapse of FTX, the crypto exchange has been under scrutiny from US regulators, particularly the Securities and Exchange Commission (SEC). At the same time, Coinbase is strengthening its position in other countries.