Leading US cryptocurrency exchange Coinbase had an issue with US dollar withdrawals on July 7th. Its instant US bank account withdrawals temporarily went down, which caused panic among users.
Some users had complained they could not successfully withdraw US dollar funds from the exchange to a local bank account. Others complained that withdrawal requests were taking a long time to clear.
“I'm talking about a withdrawal, which is something the Coinbase platform doesn't let me do. The BTC has been sold for USD, but that's it. No ability to withdraw to the bank like I've used to before,” a Coinbase user said.
Many people got worried over the incident due to FUDs and speculation about Coinbase being at the risk of going bankrupt. However, that wasn’t the case.
The issue was identified and fixed about an hour after Coinbase investigated the problem with its payment processing partners. Now, the Coinbase bank withdrawal service is operational.
Crypto has exited every winter stronger than it entered. This is true across all key metrics. Regardless of how long it lasts or how severe it gets, we believe this cycle will be no different. This is the opportunity for the defining companies of Web3 to emerge.
Kate Rouch, CMO