Coinbase Withdrawals Being Delayed for a Week
Users trying to withdraw crypto from Coinbase are experiencing unexpected delays. The users are based in the US, according to reports, and there haven’t been flags of similar delays in customers outside of the US.
The delays seem to be hitting all types of Coinbase assets. Multiple users said that they have experienced the issue on and off for the last couple of weeks, with some unable to withdraw for the past week straight.
Currently Coinbase Pro does not seem to be affected by the delays.
Coinbase is not a stranger to problems with their platform- the California-based company at the core of the crypto sector has previously been at the center of controversy after they allegedly held onto customer funds since the latter half of 2017.
Various news outlets reported the wave of unexplained accusations from upset consumers, which was compiled onto over 130 pages of complaints to the SEC.
A rep from Coinbase stated to local news outlets that multiple delays were experienced after an increase in trades led to downtime throughout the era of surging crypto prices towards the end of 2017/beginning of 2018.
The company says they have started initiatives to fix the problem, hiring new workers and even upgrading the capacity to withstand transactions by a thousand percent.
Last August, the firm’s trading volume seemed to plummet by around 80% since the start of the year, which means overcapacity is most likely not the appropriate explanation for current delays and issues.