Coinbase users with US bank accounts have not been able to conduct transactions on the platform on Sunday morning. The exchange has identified the issue, and is currently working to address it.
Coinbase updated its users via its status site, writing “We are currently unable to take payments or make withdrawals involving US bank accounts,” adding “our team is aware of this issue and is working on getting everything back to normal as soon as possible.” The company has assured that it is readying a fix.
Coinbase attributed the blackout to a problem with “ACH withdrawals, deposits, and buys failures.” ACH, or the Automated Clearing House Network, is a system used for transferring funds electronically in the US between bank accounts.
Describing the problem of US bank account holders unable to use Coinbase as a “Major Outage”, Coinbase however was still almost operating as normal. Every coin supported on Coinbase, except for Solana, was fully tradable during the outage. Solana, on Friday night, had experienced its own outage on Friday night, with “Degraded Performance.”
Coinbase soon tweeted an official statement, stating that their user base’s “funds are safe”, adding that once the platform is functioning again, further information will be provided.
We're currently experiencing technical issues creating ACH transfers. Rest assured, your funds are safe. Our team will provide an update here and on our Status Page when full functionality resumes: https://t.co/a3pl4WiDhZ
— Coinbase Support (@CoinbaseSupport) October 2, 2022
On Coinbase’s status site, the issue labelled as “ACH withdrawals, deposits, and buys failures” is currently under investigation, as of October 2, 03:57 PDT.
“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. You may use a debit card or PayPal account to make direct buys on your account should you wish,” writes Coinbase.
Approximately three hours after tweeting the official statement regarding the outage, Coinbase Support had informed its users that they have “fully resolved this issue and ACH transfers are now processing.”