The largest crypto exchange in the U.S., Coinbase, has reported bank transfer issues that have caused the cryptocurrency exchange to pause transactions in the United States for hours as they work toward a solution.
According to the report, Coinbase crypto exchange temporarily halted transactions for its U.S.-based customers following an issue that prevented the company from processing bank account withdrawals and deposits. The problem started at around 7 AM ET and took the company the next 6 hours to resolve the issue at 12:40 PM ET.
An update on Coinbase’s status page stated:
“We cannot take payments or make withdrawals involving U.S. bank accounts. Our team is aware of this issue and is working on getting everything back to normal as soon as possible.”
The technical issues concerned ACH transfer creation, including deposits, withdrawals, and purchases. However, the exchange assured clients of the safety of their funds, together with updates from the Coinbase team until normalcy was restored.
However, the San Francisco-based crypto exchange reassured that users could still use alternative means for transactions in the meantime, mentioning the likes of debit cards or PayPal accounts for crypto purchasing in their accounts.
Users reveal they are facing other Issues
The issue relating to ACH transfers is not the only challenge users face on the exchange. According to reports on Twitter, users have other complaints and are desperate for solutions. It follows that no one has been able to use Solana on Coinbase, with one user claiming that an October 1, 2022 transaction is yet to go through.
“Seems like not only related to ACH transfers. I have had a $Sol transfer stuck since yesterday. Is there an ETA?”
Other users have also reported an inability to use their Coinbase cards to pay bills. The Twitter user sought to know when the issue would be resolved.
“Also unable to use our Coinbase cards to pay bills! Will this be resolved today?”
There was one particular post by John Morina that stood out. The Twitter user said:
“I don’t understand how C.B. is CONSTANTLY having difficulties, not just with ACH payments, but EVERYTHING is always breaking. It seems like you use bandaids and baling wire to fix everything.”
With so many complaints from users, Coinbase provided a status report reassuring the community that the issue concerning U.S. bank payments had been identified and solutions were underway. The exchange also confirmed that personnel had been commissioned to address the other concerns.
A turbulent year for Coinbase
Speaking to a news site, Coinbase explained that users experienced delayed transactions from the beginning of the month. According to the interview, the setback followed the Solana network’s recent outage on Friday, September 30. The technical hiccup adds to a list of troubles for Coinbase and the crypto space, whose value has taken a nosedive.
In June this year, the Coinbase cryptocurrency exchange reduced its workforce by more than 1,000 staff. Apart from this, the platform is also the subject of an SEC investigation and has recently recorded selling pressure for its stock following a revelation by Wells Fargo that the exchange suffers tough competition from counterparts like Binance and FTX.