March 31, 2023

Coinbase has released a statement saying it is working to fix issues preventing the exchange users from processing transactions from US banks.

Earlier today, the exchange users experienced problems leading to failures for ACH withdrawals, deposits, and buys. The exchange has now acknowledged the issue and says it is investigating.

Coinbase statement reads:

β€œWe 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.”

The exchange has also recommended that users should try alternatives such as a PayPal account or debit card if they want to make direct buys on their account in the meantime.

It appears that ACH transfers are not the only issues currently affecting Coinbase. Users have also complained about other issues on Twitter, asking when they would be solved.

Users reveal other challenges

Several users complained that no one has been able to use Solana on Coinbase, and a userΒ claimedΒ that a transaction made on October 1 is still stuck.

Meanwhile, another userΒ complainedΒ that they have not been able to use their Coinbase cards for paying bills and asked when they would be resolved.

A user, John Morina,Β said:

I just don’t understand how CB is CONSTANTLY having difficulties, not just with ACH payments, but EVERYTHING is always breaking. It seems like you use bandaids and bailing wire to fix everything.

An update fromΒ Coinbase Status shows that the US bank payments issue has now been identified, and they are currently implementing a fix. The exchange stated that it was looking into the other issues raised by users.

Recently, Coinbase stock faced selling pressure after Wells Fargo revealed that the exchange faces increased competition from the likes of FTX and Binance.

For Be[In]Crypto’s latestΒ BitcoinΒ (BTC) analysis,Β click here


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