Coinbase, one of the world’s largest cryptocurrency exchanges by trading volume, experienced a major outage yesterday (May 14th). The platform notified users of a system-wide halt that lasted for three hours, starting at 4:19 am UTC. Coinbase eventually resumed full operations at 7:34 am UTC, according to its status page.
In an X-posted message, Coinbase stated:
While Coinbase is investigating the cause of the outage, Binance leads the market with a 24-hour trading volume of over $18.7 billion, compared to Coinbase’s $2.4 billion, as per CoinMarketCap.
Despite Coinbase’s announcement of full system recovery, some users continue to experience technical difficulties.
In response to Coinbase’s tweet, a Rocket Chat user with the handle X commented:
“This tweet is false because millions of people are still unable to withdraw or transfer their assets.”
Numerous users reported ongoing issues with cryptocurrency transfers and withdrawals, despite Coinbase’s statement of full restoration. The Coinbase status page indicated that the trading outage was resolved at 4:19 am UTC on May 14th. Outages on centralized exchanges like Coinbase and Binance could potentially erode mainstream users’ trust in the cryptocurrency industry.
