Coinbase Recovers from Outage, User Withdrawals Still Offline
Coinbase, the second-largest cryptocurrency exchange in the world, experienced a major outage on May 14. The exchange confirmed a system-wide outage lasting for three hours, starting at 4:19 am UTC. By 7:34 am UTC, Coinbase announced that it had fully recovered from the outage. Despite this, some users are still facing technical difficulties with withdrawals and transfers.
Coinbase has expressed that it is uncertain about the exact cause of the outage and plans to continue investigating the issue. The exchange is known for its $2.4 billion 24-hour trading volume, which is significantly lower than Binance, the leading exchange with over $18.7 billion in trading volume, according to CoinMarketCap.
In response to Coinbase’s announcement of system restoration, some users have disputed its claim. One user, Rocket, commented that millions of people are still unable to access their assets. Reports from other users also confirm that crypto transfers and cash withdrawals remain offline. These users are urging Coinbase’s Community Notes to fact-check the exchange’s claim of full recovery.
Coinbase’s status page also mentioned that it experienced degraded transactions on May 14, but the issue was resolved at 4:19 am UTC, coinciding with the system-wide outage. The exchange’s downtime and withdrawal problems have highlighted the potential damage to mainstream users’ trust in the crypto industry, as centralized cryptocurrency exchanges like Coinbase and Binance are often the first stop for new users.
Compared to decentralized exchanges (DEXs), these centralized platforms offer a simpler user experience. Such incidents of outages and withdrawal difficulties can lead to a loss of confidence from mainstream users. It’s worth noting that DEXs have significantly lower trading volumes, with global trading volume on DEXs reaching only $585 million on Monday, in contrast to the $4.6 billion recorded on centralized exchanges, according to Kaiko Research.
22 thoughts on “Coinbase Recovers from Outage, User Withdrawals Still Offline”
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The resilience shown by Coinbase during the outage is inspiring. You guys are definitely a force to be reckoned with!
Even though there were some issues, Coinbase’s commitment to transparency is admirable! 💯
The crypto community appreciates Coinbase’s efforts to provide a reliable and user-friendly platform. Keep it up!
DEXs may have lower trading volumes, but at least they don’t constantly let us down like Coinbase. Time for a change!
Withdrawal and transfer issues can be frustrating, but I trust that Coinbase will resolve them soon!
It’s amazing to see how Coinbase handled such a major outage. You guys are rockstars!
Withdrawals and transfers offline? This is a nightmare for users! Time to find a more reliable platform.
The steady increase in trading volume on centralized exchanges proves their importance in the crypto industry. Go Coinbase!
It’s important for Coinbase to address the concerns raised by users and ensure transparent communication. Trust is key!
I’m glad that Coinbase is actively addressing the issues users are experiencing. Communication is key to building trust! 🔑
What a way to damage the credibility of the crypto industry! Coinbase, you’re not doing anyone any favors. 😡💔
Coinbase, you’re supposed to be the second-largest exchange and yet you can’t even handle a simple outage properly? Get it together! 🤦♀️
I can’t believe Coinbase is uncertain about the cause of the outage. Get your act together and provide some answers!
I appreciate Coinbase’s efforts to offer a seamless user experience. You make it easy for us to dive into the crypto world! 💫
Withdrawals and transfers still not working? This is a disaster!
Coinbase, your constant technical difficulties are pushing mainstream users away from the crypto industry. This needs to stop!
Coinbase’s degraded transactions are resolved, but what about the withdrawal problems? Come on, Coinbase, get your priorities straight! 🔄💰
Wow, another day, another major Coinbase outage! 🤦♂️ When will they get their act together?
It’s understandable that centralized exchanges like Coinbase face more pressure due to their larger user base. Keep the faith and learn from this experience!
Reports from multiple users confirming ongoing issues with transfers and withdrawals. Coinbase, stop spreading false information!
Centralized exchanges like Coinbase and Binance are crucial for new users to enter the crypto world with ease. Thanks for making it simple!
Hopefully, Coinbase’s quick recovery will help restore faith in the security of centralized exchanges. Keep up the good work!