Key Takeaways:
- Coinbase suspended transactions involving US bank accounts due to a technical issue.
- Deposits, withdrawals, and purchases via US bank accounts were temporarily restricted.
- Debit card and PayPal purchases remained operational during the outage.
Incident Overview
On Sunday morning (Eastern Time), Coinbase announced a temporary halt to transactions for US customers. The issue affected deposits, withdrawals, and purchases linked to US bank accounts.
In a status update, Coinbase stated:
“We currently cannot process payments or withdrawals involving US bank accounts. Our team is aware of the issue and working to restore normal operations as soon as possible.”
Two follow-up updates confirmed the team was investigating and implementing fixes. By 8:23 AM ET, Coinbase identified the root cause and began deploying solutions.
Service Impact
Restricted Services:
- Bank account-linked transactions (deposits/withdrawals).
- Cryptocurrency purchases via US bank transfers.
Uninterrupted Services:
- Debit card transactions.
- PayPal-funded purchases.
Core Keywords
- Coinbase outage
- US bank account restrictions
- Cryptocurrency exchange issues
- Transaction suspension
- Technical glitch
FAQs
1. Why did Coinbase suspend US bank account transactions?
A technical issue temporarily disrupted the processing of payments and withdrawals linked to US bank accounts.
2. Could users still buy crypto during the outage?
Yes, purchases via debit cards or PayPal were unaffected.
3. How long did the outage last?
Coinbase resolved the issue within hours after identifying the cause.
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Note: This article is for informational purposes only and does not constitute financial advice.
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