As of right now, it appears that major cryptocurrency exchange Coinbase is having trouble processing USD withdrawals. Many customers have expressed dissatisfaction that they cannot transfer their USD from the Coinbase crypto wallet to bank accounts.
Coinbase Withdrawal Issues Reported on Twitter
Despite successfully selling Bitcoin (BTC) on the platform, one user made a fuss that he was unable to convert his funds to U.S. dollars and send them back to his bank accounts.
An additional user tweeted their dissatisfaction that his bank-cleared withdrawal request had gone unprocessed for three weeks from Coinbase’s end.
Besides, another user had trouble withdrawing money from his Coinbase wallet because of not receiving a verification text.
Here, a Coinbase account was closed without the user’s consent. If that wasn’t enough, he was asked to donate his remaining bitcoin available in the wallet.
That’s unfair. Isn’t it? Take a look at the complete conversation:
Given the volatility of the market and recent rumors that the exchange is having trouble running, these reports will likely cause additional anxiety among already panicked Coinbase users.
Coinbase Withdrawl Issue Getting Investigated
Coinbase has validated and started working on fixing the withdrawal problem. Status page data suggests that Coinbase is inquiring with its online payment partners. It states that the ability to transfer US dollars from a typical US bank account remains available.
“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
Withdrawals from Coinbase to your bank account in the United States Dollar often take 1-5 business days to arrive. However, this too depends on the withdrawal method.
Also, Coinbase Pro, their platform for institutional traders, will be shut down by the end of 2022. To simplify crypto payments for the wider population, Coinbase.com is looking forward to upgrading its current trading platform with a more robust and refined trade option.
Vice President Nana Murugesan has stated that, despite the market upheaval and internal problems, Coinbase still plans to grow in Italy, Spain, France, and the Netherlands.