The company’s support team announced on Twitter that users were facing intermittent failures when logging in, initiating trades, and accessing the Earn page on both the Coinbase website and mobile app.
“Coinbase Global, Inc., branded Coinbase, is an American publicly traded company that operates a cryptocurrency exchange platform. Coinbase is a distributed company; all employees operate via remote work. It is the largest cryptocurrency exchange in the United States by trading volume,” said the company’s website.
The company says its support team is actively working on resolving these technical issues and has promised to provide updates as soon as possible. However, the exact cause of these technical difficulties remains unclear.
We’re looking into an issue where customers are seeing intermittent failures when logging in, initiating trades, and viewing the Earn page and the Mobile App. We’ll post an update here asap,” said Coinbase Support.
The combination of regulatory challenges and technical difficulties could pose significant hurdles for Coinbase. As we reported earlier, the U.S. Securities and Exchange Commission (SEC) wants the company to delist all cryptocurrencies except Bitcoin.
This move would impact the cryptocurrency market and Coinbase’s operations, given the platform’s extensive list of tradable digital assets.
The platform’s ability to quickly resolve these issues will be crucial in maintaining user trust and ensuring smooth operations.
The outcome of Coinbase’s challenges could set precedents for how cryptocurrency platforms manage and interact with regulators.
“On 22 March 2023, Coinbase received a Wells notice from the U.S. Securities and Exchange Commission signaling that the SEC intended to begin an enforcement action over Coinbase’s staking products,” said Wikipedia.
Coinbase responded by calling the investigation “cursory”, and stated that it would continue to operate as usual. The next month, Coinbase sued the SEC asking a federal court to force the regulator to respond to a rulemaking petition the company submitted last year asking it to make clear regulations pertaining cryptocurrencies.
Edited by Deborah .C. Amirize and Newsdesk Manager
