Coinbase pauses transactions in US to address bank transfer issues

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Coinbase has temporarily stopped transactions for users in the US due to an issue preventing the company from processing withdrawals or deposits involving bank accounts. Problems started around 7AM ET, but the company announced at around 8:30AM ET that it’s working on a fix.

“We are currently unable to take payments or make withdrawals involving US bank accounts. Our team is aware of this issue and is working on getting everything back to normal as soon as possible,” Coinbase explains on its status page, adding that users can still use a debit card or PayPal account to buy crypto.

At the time of the outage, Coinbase said on Twitter that users’ funds are “safe,” before announcing that transactions have been restored about three hours later. The Verge reached out to Coinbase with a request for comment, but didn’t immediately hear back.

For the past couple of days, Coinbase users also had to deal with delayed transactions with Solana after its network suffered an outage on Friday. This has been a rough year for Coinbase and crypto in general, as the value of cryptocurrency has taken a nosedive. Coinbase laid off over 1,000 employees in June and is reportedly facing an investigation from the Securities and Exchange Commission.

Source: TheVerge