The exchange has identified the problem and is working to address the issue.
Coinbase account holders with U.S. bank accounts found themselves unable to conduct transactions on Sunday morning.
“We are currently unable to take payments or make withdrawals involving US bank accounts,” the company said on its status site. “Our team is aware of this issue and is working on getting everything back to normal as soon as possible.”
The company said it’s readying a fix, and identified the issue as a problem with “ACH withdrawals, deposits, and buys failures.” ACH, or the Automated Clearing House Network, is a system used for transferring funds electronically in the U.S. between bank accounts.
Affected users on the platform are still able to make direct purchases using a debit card or PayPal account, the company clarified.
Coinbase’s support page classified the issue with U.S. bank accounts as a “Major Outage.” Every coin supported on the platform was still fully tradable except for Solana, which was experiencing “Degraded Performance” due to its own outage Friday night.
The official support page for Coinbase on Twitter later released a statement assuring its account holders that their “funds are safe,” adding it will provide further information when functionality resumes.
We're currently experiencing technical issues creating ACH transfers. Rest assured, your funds are safe. Our team will provide an update here and on our Status Page when full functionality resumes: https://t.co/a3pl4WiDhZ
— Coinbase Support (@CoinbaseSupport) October 2, 2022
The issue was not yet resolved as of 11:30am EST on Sunday.
In the past 24 hours, Coinbase has seen nearly $569 million worth of trading volume on its exchange, according to CoinGecko. Over half of that volume consisted of BTC and ETH, followed by SOL at 4% or $23 million.
Coinbase did not immediately respond to a request for comment.