Cryptocurrency exchange Coinbase Global Inc. reported that the company is investigating an issue that prevents it from processing payments and withdrawals with US bank accounts.
“Big Cut” to Deposits and Withdrawals from US Bank Accounts and Coinbase Wallets
The company, one of the largest cryptocurrency exchanges in the USA, said in a statement on the subject:
“We are currently unable to receive payments and withdraw funds using US bank accounts. Our team is aware of this issue and is working to get everything back to normal as soon as possible.”
The statement stated that account holders can still use a debit card or PayPal account to make direct purchases.
The issue in question is described on the official website of Coinbase as “major interruption in transactions with US banks”.
The company was founded in 2012 by Brian Armstrong and Fred Ehrsam.
With the decline in crypto money prices in 2022, many companies experienced financial difficulties. Coinbase, which is among them, sought a solution to this problem by laying off some of its employees.
Coinbase reported a net loss of $1.1 billion in the second quarter of 2022, setting a record for the company in this space.
However, from 2022, the share of cryptocurrency exchanges in the advertising sector has also decreased. Companies plan to spend the crypto winter comfortably by cutting their advertising budgets.
In response to Russia’s invasion of Ukraine in 2022, Coinbase blocked 25,000 cryptocurrency wallet addresses related to Russia, which it believed were engaged in illegal activities.
*Not investment advice.
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