There have been reports of issues with withdrawing funds on Coinbase, a widely used cryptocurrency exchange.
Coinbase, a major cryptocurrency exchange, stated that customers from the UK and Canada experienced difficulties in withdrawing funds to their PayPal accounts.
The company acknowledged the issue and mentioned that they are currently working on resolving it.
As per Coinbase’s health page, the problem originated at 00:13 on May 14, 2023, when the exchange observed a rise in canceled transactions involving PayPal.
Coinbase assured customers that their funds are secure while their teams work on resolving the issue. As of 01:23 on May 15, 2023, the problem remained unresolved.
In April 2021, Coinbase introduced PayPal as a payment option for its customers in the US. This allowed users to buy cryptocurrencies or add funds using their PayPal-linked debit cards and bank accounts.
Since May 2019, Coinbase customers in Canada have had the ability to connect their PayPal accounts, while customers in the UK have had this option since November 2018.
Coinbase did not specify how long it would take to resolve the problem or provide an explanation for its occurrence.
*Not investment advice.