Coinbase Users Are Reporting Withdrawal Issues

Coinbase has been facing a lot of heat in the recent month ever since the company decided to layoff a significant percentage of its employees which it attributes to the uncertain economic conditions.

It seems that the crypto bear market has impacted a lot of crypto businesses and Coinbase was no exception despite being a major exchange.

Now, it seems like users are also facing troubles with USD withdrawals from the crypto exchange to bank accounts which adds another concern for Coinbase users.

Essentially, the users have complained online and stated that they were not able to withdraw USD after selling their BTC on the platform.

It is unclear what the issue is right now, but it certainly raises some red flags given the fact that other crypto exchanges have had issues fulfilling their financial obligations.

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

— Abiky (@therealabiky) July 7, 2022

CryptoPolitan reports:

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.

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

Typically, USD withdrawals from the exchange are processed within 1 to 5 business days so a waiting time of around three weeks for one of the users would certainly be out of the ordinary.

Users are hopeful that this is more of a technical issue rather than a financial issue, but one can never be too safe when storing crypto on exchange wallets.

Other news include the fact that Coinbase will be winding down its Coinbase Pro platform which will just be replaced with a more advanced version of the Coinbase.com main platform.

The company intends this for the majority of its retail users in order to make it more convenient to buy or sell crypto online.

Coinbase Users Panic Over Withdrawal Issue – https://t.co/ie7Pw54iva

— Cryptopolitan (@CPOfficialtx) July 9, 2022

CryptoPolitan concludes:

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.

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.

Coinbase is still currently one of the most popular crypto exchanges used globally and has complied with regulations within the US.

Why are you holding my funds for withdrawal for 3 weeks! It’s not a large sum either? It’s been cleared from my bank 2 weeks ago! Release my funds and I’m transferring all my tokens to another exchange!

— Mike (@Misinfo3030) July 2, 2022

Join the conversation!

We have no tolerance for comments containing violence, racism, profanity, vulgarity, doxing, or discourteous behavior. If a comment is spam, instead of replying to it please click the icon below and to the right of that comment. Thank you for partnering with us to maintain fruitful conversation.