Coinbase is struggling with withdrawals and deposits

Coinbase announced this Sunday (2) that it is having trouble releasing withdrawals and deposits from customers using bank accounts in the United States, without going into too much detail.

In recent years, several exchanges have registered problems with banks unilaterally closing their accounts and harming companies and their customers.

Despite the new withdrawal issues, the exchange has informed its customers that the funds are safe and that no serious vulnerabilities have been found on the platform.

What did Coinbase say about the withdrawal issues?

Coinbase surprised its customers in the United States on Sunday by announcing issues on its platform that prevented withdrawals from being made.

Investors who wish to withdraw funds to their bank accounts in the United States are therefore unable to take this promotion, for a reason that the brokerage has not yet disclosed.

While it stated that investors’ money is safe, the broker said that withdrawals or deposits are currently frozen. However, customers who have a debit card or PayPal account can make purchases directly into their account, even if cash withdrawals cannot.

“We are currently unable to receive payments or withdrawals from US bank accounts. Our team is aware of this issue and is working to get everything back to normal as soon as possible. If you prefer, you can use a debit card or PayPal account to make purchases directly into your account.”

Clients are following the case on the status page created by the brokerage, which reported this morning that a problem has already been detected and should be fixed within hours.

Trauma with recordings freezes by brokers

In recent months, several brokers have frozen withdrawals for their clients for various reasons, but the main one was the insolvency of the platforms.

With the crisis in the current price of bitcoin and other cryptocurrencies, many brokers went bankrupt, leaving their clients without the option to withdraw their values. In other words, seeing a brokerage with withdrawals is a recent trauma in the market that has not yet been fully overcome and is always a cause for concern.

It is worth remembering that Binance in July 2022 also experienced an issue similar to Coinbase’s this Sunday. That’s because the world’s largest brokerage said its payment gateway was having issues and disrupting withdrawals in fiat currencies around the world, including in Brazil, and the issue was resolved within hours.

In the case of Coinbase, although the problem is limited to the United States, the broker’s investors are following the case closely.