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Coinbase users unable to withdraw to bank accounts

Experts sense trouble as Coinbase shuts down US affiliate program
TL;DR Breakdown
  • Coinbase users are complaining about not being able to withdraw USD from the exchange.
  • The exchange said it is investigating the issue with the payment processing partners.
  • The US exchange is also planning to expand its operation in Europe.

Leading cryptocurrency exchange Coinbase seems to be facing an issue with USD withdrawals. Some of the customers are complaining that they are unable to withdraw their USD from the exchange to local bank accounts.

Coinbase user reports withdrawal issues

One of the users complained he wasn’t able to withdraw USD after selling Bitcoin (BTC) from the platform. 

Another user complained on Twitter that his withdrawal request was unattended for about three weeks, despite being cleared by the bank. 

These reports only raise more panic for the exchange users, given the uncertainties in the market and recent speculations about the exchange struggling with operations. 

Coinbase investigates bank withdrawal issue

Some hours ago, however, Coinbase confirmed and addressed the withdrawal issue. According to the exchange’s status page, Coinbase is currently investigating the issue with payment processing partners. USD withdrawals to Standard US bank accounts are still operational, it says. 

“We are currently investigating an issue with US Bank Account Instant Withdrawals. We are in contact with our payment processing partner regarding this issue.”

Coinbase

USD withdrawals from Coinbase normally arrive within 1-5 business days (depending on the cashout method).

In other news, Coinbase is planning to wind down its professional trading platform, Coinbase Pro, by the end of the year. It intends to replace the trading platform with a more advanced and developed trade option on the Coinbase.com platform to make crypto transactions easier for the general public. 

In spite of the market turmoil and struggles within the company, Coinbase wants to expand its operations to Italy, Spain, France, and the Netherlands, to further strengthen its dominance in Europe, says vice president Nana Murugesan.

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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