Coinbase Fixes Technical Issue Preventing Payments And Withdrawals For Customers With U.S. Bank Accounts

Coinbase Fixes Technical Issue that Halted Payments and Withdrawals for Customers with U.S. Bank Accounts

America’s biggest crypto exchange, Coinbase, has announced that the technical issues causing temporary payment and withdrawal difficulties for customers with U.S. bank accounts has been fixed.

Coinbase Suffers Transaction Downtime

On Sunday, October 2nd, Coinbase users with U.S. bank accounts were rendered unable to make payments or withdrawals from their accounts due to technical difficulties. Coinbase identified it as a “Major Outage” for U.S. accounts.  

Coinbase announced that it had identified “ACH withdrawals, deposits, and buys failures.” The Automated Clearing House (ACH) network, is a system used in the U.S. for transferring funds electronically between bank accounts. 

As a result of the service outage, U.S.-based customers became unable to perform transactions on Coinbase for approximately six hours. On the other hand, users retained the ability to trade all tokens supported by Coinbase.

Coinbase Fixes the Issue

During the outage, Coinbase released a statement reassuring users of the safety of their funds. At 4:41 p.m. UTC, Coinbase announced that the “incident has been resolved” on its status page.

Overall, the downtime for U.S. bank account transactions lasted around six hours on Sunday, October 2nd. U.S.-based Coinbase users were still able to carry out transactions using debit cards and PayPal accounts throughout the period.

On the Flipside

  • Coinbase was not the only casualty, with Solana also suffering a major network outage, leading to transaction difficulties over the weekend.

Why You Should Care

Coinbase’s swift reaction to the ACH transaction failure helped to assuage fears among users, who have typically been quick to go on edge as a result of the many ups and downs experienced in the prolonged crypto winter.

Coinbase also found a new use case. Find out more below:
Cryptex Finance to launch NFT Index Token, Powered by Chainlink Labs and Coinbase Cloud

Read about the Coinbase CEO’s opinion on regulations:
Coinbase CEO Brian Armstrong Speaks Out Against Regulations

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed to be financial legal or tax advice. Trading Forex, cryptocurrencies, and CFDs poses a considerable risk of loss

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Milko is a DailyCoin reporter, mainly focused on Ethereum (ETH), Cardano (ADA), and their founders (Vitalik Buterin and Charles Hoskinson). Milko is an avid follower of crypto and blockchain technology and has written thousands of articles on the subjects. He finds joy in transforming complex issues into written content that anyone can understand. Milko has used and analyzed numerous exchanges, such as Coinbase, FTX, and Binance. He also closely follows all of the latest news around the largest decentralized exchanges (DEXs).