Coinbase users were unable to withdraw funds to US bank accounts for six hours

Coinbase users were unable to withdraw funds to US bank accounts for six hours

  • Funds
  • October 2, 2022
  • No Comment
  • 28

Coinbase users were unable to carry out US bank account transactions for around six hours on Sunday. An issue with the Automated Clearing House Network, which is used for electronic transfers between bank accounts in the country, emerged just before 7AM ET. The company said on its status page that it identified the problem, described as a “major outage,” by 8:23AM and resolved it by 12:41PM.

During the outage, users were still able to buy cryptocurrency with a debit card or PayPal account, as Decrypt noted. However, they weren’t able to make withdrawals to a US bank account.

“We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience,” Coinbase wrote on Twitter. The company said users’ funds were safe during the outage (at least if you don’t factor in the volatility of the crypto market).

As Web3 is Going Great points out, Coinbase is the largest cryptocurrency exchange in the US. It’s in seventh place worldwide in terms of trading volume, per CoinCecko. At the time of writing, Coinbase users had traded $572 million over the previous 24 hours.

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission. All prices are correct at the time of publishing.

Source link

Related post

Bitcoin pro traders warm up the $24K level, suggesting that the current BTC rally has legs

Bitcoin pro traders warm up the $24K level, suggesting…

On Feb. 1 and Feb 2. Bitcoin’s (BTC) price surpassed even the most bullish price projections after the U.S. Federal Reserve…
Troubled Crypto Miners Get Breathing Room as Bitcoin Rebounds

Troubled Crypto Miners Get Breathing Room as Bitcoin Rebounds

(Bloomberg) — Rising Bitcoin prices are buying some time for distressed crypto miners as they renegotiate debt with lenders to stay…
Financial Accounting Standards Board votes to release draft cryptocurrency in March

Financial Accounting Standards Board votes to release draft cryptocurrency…

The Financial Accounting Standards Board, in its Feb. 1 meeting, voted to advance its first standard on cryptocurrencies and digital assets.…

Leave a Reply

Your email address will not be published.