America’s biggest crypto exchange, Coinbase, has announced that the technical issues causing temporary payment and withdrawal difficulties for customers with U.S. bank accounts has been fixed.

Coinbase Suffers Transaction Downtime

On Sunday, October 2nd, Coinbase users with U.S. bank accounts were rendered unable to make payments or withdrawals from their accounts due to technical difficulties. Coinbase identified it as a “Major Outage” for U.S. accounts.  

Coinbase announced that it had identified “ACH withdrawals, deposits, and buys failures.” The Automated Clearing House (ACH) network, is a system used in the U.S. for transferring funds electronically between bank accounts. 

As a result of the service outage, U.S.-based customers became unable to perform transactions on Coinbase for approximately six hours. On the other hand, users retained the ability to trade all tokens supported by Coinbase.

Coinbase Fixes the Issue

During the outage, Coinbase released a statement reassuring users of the safety of their funds. At 4:41 p.m. UTC, Coinbase announced that the “incident has been resolved” on its status page.

We’ve fully resolved this issue and ACH transfers are now processing. We apologize for the inconvenience. https://t.co/dezVgcaagm

— Coinbase Support (@CoinbaseSupport) October 2, 2022

Overall, the downtime for U.S. bank account transactions lasted around six hours on Sunday, October 2nd. U.S.-based Coinbase users were still able to carry out transactions using debit cards and PayPal accounts throughout the period.

On the Flipside

  • Coinbase was not the only casualty, with Solana also suffering a major network outage, leading to transaction difficulties over the weekend.

Why You Should Care

Coinbase’s swift reaction to the ACH transaction failure helped to assuage fears among users, who have typically been quick to go on edge as a result of the many ups and downs experienced in the prolonged crypto winter.

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