Coinbase users were unable to withdraw funds to US bank accounts for six hours

Coinbase users were unable to transact on US bank accounts for around six hours on Sunday. A problem with the Automated Clearing House Network, which is used for electronic transfers between bank accounts in the country, emerged just before 7 a.m. ET. The company said on its status page that it recognized what it called a “major outage” by 8:23 a.m. and fixed it by 12:41 p.m.

During the outage, users could continue to purchase cryptocurrency using a debit card or PayPal account, such as decrypt written down. However, they were unable to make withdrawals to a US bank account.

“We have completely resolved this issue and ACH transfers are now being processed. We apologize for the inconvenience,” Coinbase wrote on Twitter. The company said user funds were safe during the outage (at least if you ignore the volatility of the crypto market).

As Web3 runs great points out that Coinbase is the largest cryptocurrency exchange in the US. According to CoinCecko, it ranks seventh in the world in terms of trading volume. At the time of writing, Coinbase users had traded $572 million in the past 24 hours.

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