Coinbase temporarily stopped transactions for users in the US due to an issue preventing the company from processing withdrawals or deposits involving bank accounts. Problems started around 7AM ET, but the company didn’t resolve the issue until around 12:40PM ET.
Coinbase paused transactions in US for hours to address bank transfer issues
Users were unable to process withdrawals or deposits on Coinbase
Users were unable to process withdrawals or deposits on Coinbase
Illustration by Alex Castro / The Verge
is a news writer who covers the streaming wars, consumer tech, crypto, social media, and much more. Previously, she was a writer and editor at MUO.
“We are currently unable to take payments or make withdrawals involving US bank accounts. Our team is aware of this issue and is working on getting everything back to normal as soon as possible,” Coinbase explained on its status page, adding that users could still use a debit card or PayPal account to buy crypto.
At the time of the outage, Coinbase said on Twitter that users’ funds are “safe,” before announcing that transactions have been restored about three hours later. When reached for comment, Coinbase directed The Verge to the aforementioned statement posted on Twitter.
For the past couple of days, Coinbase users also had to deal with delayed transactions with Solana after its network suffered an outage on Friday. This has been a rough year for Coinbase and crypto in general, as the value of cryptocurrency has taken a nosedive. Coinbase laid off over 1,000 employees in June and is reportedly facing an investigation from the Securities and Exchange Commission.
Update October 2nd, 12:49PM ET: Updated to add that Coinbase has fixed the issue.
Update October 2nd, 5:49PM ET: Updated to add that Coinbase directed The Verge to its statement on Twitter when reached for comment.
Follow topics and authors from this story to see more like this in your personalized homepage feed and to receive email updates.
