Crypto exchange Coinbase is "temporarily shutting down" its US affiliate-marketing program on July 19, according to a Business Insider report.
The report, quoting emails that were sent to three creators and shared with the media outlet, noted "We regret to inform you that Coinbase will be temporarily shutting down its Affiliate Program in the United States with an effective date of Tuesday, July 19th." The emails added, "This has not been an easy decision, nor was it made lightly, but, due to crypto market conditions and the outlook for the remainder of 2022, Coinbase is unable to continue supporting incentivized traffic to its platform."
While the company intends to relaunch the program in 2023, it didn't share an exact timeline in the email, as per the report.
Moneycontrol wasn't able to independently verify the report.
The development comes at a time when crypto trading is at an all time low with volumes dropping over 80% since March this year.
Earlier this year in June, Coinbase CEO Brian Armstrong announced that 18 percent of the staff or roughly 1,100 employees was being laid off.
Coinbase is also likely to fall from its ranking according to a Bloomberg report published on July 15. Last year, the crypto exchange was ranked 4th and currently stands at the 14th position.
The crypto exchange also lowered its commission rates in June for influencers who were using the exchange's affiliate marketing program according to a Bloomberg report.