Coinbase users were unable to withdraw funds to US bank accounts for six hours

The crypto exchange had a 'major outage' on Sunday.

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Kris Holt
October 2, 2022 5:46 PM
In this article: coinbase, news, gear, cryptocurrency
A representation of the cryptocurrency is seen in front of Coinbase logo in this illustration taken, March 4, 2022. REUTERS/Dado Ruvic/Illustration
Dado Ruvic / reuters

Coinbase users were unable to carry out US bank account transactions for around six hours on Sunday. An issue with the Automated Clearing House Network, which is used for electronic transfers between bank accounts in the country, emerged just before 7AM ET. The company said on its status page that it identified the problem, described as a "major outage," by 8:23AM and resolved it by 12:41PM.

During the outage, users were still able to buy cryptocurrency with a debit card or PayPal account, as Decrypt noted. However, they weren't able to make withdrawals to a US bank account.

“We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience,” Coinbase wrote on Twitter. The company said users' funds were safe during the outage (at least if you don't factor in the volatility of the crypto market).

As Web3 is Going Great points out, Coinbase is the largest cryptocurrency exchange in the US. It's in seventh place worldwide in terms of trading volume, per CoinCecko. At the time of writing, Coinbase users had traded $572 million over the previous 24 hours.

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Coinbase users were unable to withdraw funds to US bank accounts for six hours