Coinbase fixes snafu, US users able to withdraw again

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Coinbase says it’s fixed a major withdrawals issue that left users in the US unable to access their funds.

The company, alongside its investment partners, began investigating the problem late last week after a number of users tweeted the exchange to complain that they couldn’t cash out their crypto to local bank accounts.

The issue looks to have affected only instant USD withdrawals with standard cash-outs, which take one to five business days, continuing to work as normal.

During the outage, users reported a number of issues, including having their funds locked by Coinbase for three weeks and transferred bitcoin not showing in their wallet.

A snippet of Twitter user @therealabiky‘s back and forth with Coinbase.

Read more: More trouble for Coinbase as Goldman Sachs predicts 60% drop in profits

According to the company’s status page, it started to look into the issue at 02:10 PDT on July 8, saying:

“We are currently investigating a temporary issue with US Bank Account *Instant* Withdrawals. We are in contact with our payment processing partner regarding this issue.

“Note that Standard US Bank Account Withdrawals are still operational.”

Much to users’ relief, the exchange then announced it had implemented a fix just an hour and a half later.

Coinbase withdrawals continue to be an issue

Coinbase has built something of a reputation for problems when it comes to users accessing their own money. Back in May, the company’s withdrawal function froze as crypto prices across the board began to plummet.

And the company’s chief Brian Armstrong further spooked already wary customers when it transpired that retail customers were already at risk in the case of potential ‘black swan’ events.

Protos reached out to Coinbase for comment and will update this story if and when we receive a reply.

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