Cryptocurrency exchange Coinbase suspends its affiliate program

The cryptocurrency exchange Coinbase has suspended its affiliate program, which could be the beginning of the end for the platform, according to some analysts.

In recently published emails sent to three recipients, the reasons for the suspension include market conditions and the outlook for the remaining part of 2022. Without giving a specific date, Coinbase said that the exchange will resume its affiliate program in 2023.

Cryptocurrency expert Ben Armstrong, also known as Bitboy, believes that Coinbase’s actions could cause problems, advising followers to «proceed with caution,» adding that Coinbase’s possible insolvency would shock the market. YouTube blogger and investor Nate O’Brien tweeted that he too fears that the suspension of Coinbase’s affiliate program is a «serious red flag» warning of an impending insolvency crisis.

Coinbase’s affiliate program allowed website owners to place promotional materials on the platform and then receive 50% of the trading commissions from the referral client for three months.