Coinbase Exchange Identifies Withdrawal Issue, Restores Normalcy

UTC by Mayowa Adebajo · 2 min read
Coinbase Exchange Identifies Withdrawal Issue, Restores Normalcy
Photo: Depositphotos

The exchange resolved a withdrawal issue a few hours after acknowledging it.

On Sunday morning,  the Coinbase exchange suddenly found that its customers who had United States bank accounts could not make payments or withdraw. At the time, the exchange issued a statement on its status site, acknowledging the issue. Parts of the statement read:

“Our team is aware of this issue and is working on getting everything back to normal as soon as possible.”

Interestingly, the issue was only related to ACH withdrawals, deposits, and purchases. That is, affected users could still carry out transactions of their choice using other methods, including using a debit card or PayPal account.

Coinbase Exchange Allays Fears, Provides Solution

As is common with halting withdrawals, account holders soon began fretting after the official announcement of the issue. But their fears may also have been fueled by Coinbase’s support page which identified the issue as a “Major Outage.”

It took another statement from the Twitter support page for Coinbase to, at least, douse the tension a bit. The exchange assured users that their funds are safe and promised to resolve the issue within the shortest possible time.

As earlier promised by Coinbase, the exchange eventually found a solution to the technical issue. Taking to its system status page, the exchange announced at 4:41 p.m. UTC that the incident has been finally fixed.

Meanwhile, speaking about major outages, like Coinbase called its issue, Solana (SOL) also experienced one of such on Friday night. Per Solana’s website, the outage lasted for over six hours. And while the Coinbase issue persisted, every coin listed on its platform was tradable except for SOL which was experiencing low performance.

In the past 24 hours, Coinbase has seen a trading volume of over a billion dollars on its exchange, according to CoinGecko. The most active trading pair is BTC/USD, with more than one-third of the total volume. That is $383,448,114.20. ETH follows in second place, while SOL ranks third with 3.12% at over $34 million.

Cryptocurrency News, News
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