Coinbase: suspension of fiat rails in Argentina

Coinbase Suspends Peso Operations in Argentina: What Users Should Do

Update Date: 10/20/2023

Coinbase has ended support for the Argentine Peso (ARS). The deadline for withdrawing funds has passed, and users are facing three main scenarios: funds in accounts are frozen, automatically converted to the USDC stablecoin, or awaiting a decision from customer support. This decision requires immediate action from users to protect their assets and revise their cryptocurrency strategy.

This article is an updated step-by-step plan for users in Argentina: how to secure your assets, contact support, find alternatives, and minimize risks.

Immediate Technical Actions

Before resolving the ARS issue, secure your account and data.

1. Export transaction history. Download your full transaction history in CSV or PDF format. These documents are necessary for tax reporting and as proof of asset ownership.
2. Enable Two-Factor Authentication (2FA). Use an authenticator app (Google Authenticator, Authy) rather than SMS for maximum protection.
3. Change your password. Set a new, complex, and unique password for Coinbase.
4. Check active sessions. In the security settings, terminate all sessions on devices you do not recognize.

1. What Happened and Why?

Coinbase has halted all deposit and withdrawal operations in Argentine Pesos (ARS). Trading between cryptocurrencies (e.g., BTC/ETH) remains available on the platform, but converting digital assets to pesos and withdrawing them to local bank accounts through the exchange is no longer possible.

Key reasons for this decision:

• Regulatory Pressure. The primary factor is the Central Bank of Argentina (BCRA) regulation "Comunicación 'A' 7506" from May 2022, which restricted payment service providers from performing operations with crypto assets.
• Economic Instability. High inflation and peso volatility complicate the management of fiat reserves and increase operational risks.

Official Sources:

• Coinbase Announcement:
  Coinbase Help Center
• Central Bank of Argentina Regulation:
  BCRA Comunicación "A" 7506

2. Step-by-Step Action Plan

Step 1. Contact Support Regarding Remaining ARS

The official deadline for withdrawing pesos expired on 08/20/2023. If you have ARS funds remaining on your balance, contact customer support immediately to clarify their status and recovery options.

How to contact support:

1. Go to the official support page:
   Coinbase Support.

2. Create a new request using the template below.

   Support Ticket Template (translated from Spanish):

   Subject: Urgent inquiry about ARS balance after service termination (Account: [your email or ID])

   Body: Dear Coinbase support team, I am the holder of the account [your email or ID]. After the termination of the ARS service, I see a remaining balance of [amount] ARS in my account. I request clear information about the current status of these funds (frozen, in the process of conversion, etc.) and the options available for their withdrawal or recovery. I am attaching a screenshot of the balance. My previous case number is [if applicable, provide previous ticket number]. Thank you.

   Save your ticket ID. You will need it for further communication and escalation.

Step 2. Withdraw Cryptocurrency to Your Own Wallet

Keeping assets on a centralized exchange carries risks. The best protection is transferring cryptocurrency to a hardware wallet (e.g., Ledger, Trezor), where only you control the access keys.

3. Key Security Rules

Combine all precautions into a single strategy.

• Hardware Wallets. Purchase devices only from the official manufacturers' websites. Write down the seed phrase on paper and store it in a secure location. Never store it digitally.
• Test Transfers. Before sending a large sum, always perform a test transaction of $5–$10. Ensure the funds arrive before transferring the remainder.
• Network Verification. Sending to an incompatible network will lead to permanent loss of funds. Ensure the sending network (e.g., ERC-20, BEP-20, Solana) matches on both Coinbase and your wallet.
• P2P Safety. Use platforms with escrow. Check the counterparty's reputation (number of trades, reviews). The bank account holder's name must match the name on the P2P platform profile. Beware of rates that are significantly better than market value.
• Phishing Protection. Always check the website URL (it must be coinbase.com). Do not click links in suspicious emails. Enter the website address manually. Verify the authenticity of the email sender.

4. What to Do If... (FAQ)

• ...my ARS are frozen?
  Contact Coinbase support immediately using the template above. Be prepared to provide screenshots of your balance and transaction history.
• ...support hasn't responded for more than 5–7 business days?
  Proceed to escalation. Reply within the same ticket to "bump" it, or create a new one referencing the previous ticket number. If this doesn't help, file a complaint with the consumer protection agency (see Section 5).
• ...I received a notification about forced conversion to USDC?
  This is the exchange's standard procedure for assets that were not withdrawn on time. Check your USDC balance and withdraw them to your wallet or use them for trading. Save the notification for your records.

5. Escalating the Problem: If Support Doesn't Respond

If Coinbase support ignores your requests, file an official complaint with the Argentine consumer protection service (Defensa de las y los Consumidores).

Complaint Template (translated from Spanish):

Subject: Claim for lack of response and withholding of funds — Coinbase

To: National Directorate for the Defense of Consumers

From: [Your full name], DNI [Your DNI number], Address [Your address], Email [Your email]

Reference: Claim against Coinbase Global, Inc.

By means of this letter, I submit a formal claim against Coinbase for withholding my balance in Argentine pesos (ARS) in the amount of [amount] ARS.

After the cessation of operations with ARS on 08/20/2023, I have tried to contact Coinbase support on several occasions (Ticket IDs: [list all ticket numbers]). To date, I have not received a solution or a clear response regarding the status of my funds.

I request your intervention so that Coinbase proceeds with the return of my money.

Attached evidence:

1. Screenshots of the account balance.
2. Copies of emails sent to support with their respective Ticket IDs.
3. Export of the transaction history.

Sincerely,
[Your full name]

Attach all listed evidence to the complaint.

6. Tax and Legal Aspects

• Data Export. In Coinbase, go to the "Reports" section and download your transaction history for all time in CSV format. Ensure you save the following fields: timestamp, asset, quantity, spot price, transaction type, and notes (with transaction ID/txid).
• Document Storage. Keep all statements, CSV files, trade screenshots, and support correspondence for at least 5 years.
• Consultation. Cryptocurrency operations may be subject to taxes. Consult with a tax professional in Argentina to ensure correct income declaration.

Conclusions and Immediate Actions

The suspension of Coinbase operations with ARS is a reminder of the risks associated with centralized platforms. For users in Argentina, this serves as an incentive to master self-custody tools and diversify cryptocurrency exchange methods.

Do this right now:

1. Export your transaction history.
2. Enable 2FA and change your password.
3. Save all support ticket numbers (Ticket IDs).

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Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Conduct your own research (DYOR) before making any investment decisions.