Coinbase cancels Lend program launch after SEC fight

Coinbase cancels Lend program launch after SEC fight


Illustration by Alex Castro / The Verge

Crypto exchange Coinbase has discontinued its plans to launch a Lend feature designed to let customers earn interest on certain coins as reported by Bloomberg. The company announced the change by updating a blog post from late June, saying that it would also be discontinuing the waitlist that it had set up for the feature.

The cancellation comes after Coinbase received legal warnings about the feature from the Securities and Exchange Commission. Earlier this month, Coinbase said that it would be delaying the now-canceled feature “until at least October.”

Coinbase promised that the Lend feature would offer users a 4 percent APY return if they let the company make loans to “verified borrowers” with it. The company planned to the…

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