Coinbase paused transactions in US for hours to address bank transfer issues

Coinbase temporarily stopped transactions for users in the US due to an issue preventing the company from processing withdrawals or deposits involving bank accounts. Problems started around 7AM ET, but the company didn’t resolve the issue until around 12:40PM ET.

“We 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,” Coinbase explained on its status page, adding that users could still use a debit card or PayPal account to buy crypto.

At the time of the outage, Coinbase said on Twitter that users’ funds are “safe,” before announcing that transactions have been restored about three hours later. When reached for comment, Coinbase directed The Verge to the aforementioned statement posted on Twitter.

Update October 2nd, 12:49PM ET: Updated to add that Coinbase has fixed the issue.

Update October 2nd, 5:49PM ET: Updated to add that Coinbase directed The Verge to its statement on Twitter when reached for comment.