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Cryptocurrency exchange Coinbase published a statement addressing their U.K. and E.U. customers, apologizing for system outages and account restrictions. The company also recognized their customer support \u201chas not been at the levels\u201d expected.<\/strong><\/p>\n According to the public apology<\/a>, the U.S.-based crypto company said customers from both regions have been facing transaction restrictions. However, Coinbase didn\u2019t make a direct mea culpa for its global issues, that occured precisely when volatility and velocity increased in the crypto markets.<\/p>\n Coinbase blamed the recent \u201csustained market rally that has brought a significant number of new customers\u201d onto the platform.<\/p>\n Moreover, Coinbase claims that the regulatory environment is not helpful in this situation:<\/p>\n Evolving regulatory requirements mean that we have to collect additional information from some of our customers, which has meant temporary restrictions being placed on their accounts as we request that information.<\/p>\n<\/blockquote>\n But the firm admitted that they could do \u201ca better job in communicating\u201d regulatory obligations and requirements to their customers. However, they didn\u2019t provide full details on the matter in the statement.<\/p>\n As additional measures to deal with the issues, the crypto exchange detailed that they\u2019ll prioritize pending customer information requests. Also, Coinbase will send push notifications and emails, asking for additional information to more quickly remove restrictions.<\/p>\n Another of the changes rolled out by the firm is the re-enabling of a feature exclusive for their U.K. customers:<\/p>\n We have re-enabled a feature that allows U.K. customers to directly convert crypto into fiat currency (GBP\/EUR) and transfer it into their Paypal accounts.<\/p>\n<\/blockquote>\n <\/ins> <\/ins> <\/p>\n Coinbase\u2019s system reliability is often on the radar when bitcoin (BTC<\/a>) volatility heats up, especially when it reaches new all-time highs.<\/p>\n Over the last weekend, the San Francisco trading platform had an issue<\/a> with \u201cdelayed transfers.\u201d The day prior, it suffered from \u201cdelayed transfers and elevated error rate.\u201d<\/p>\n In another instance on Monday, the analyst Willy Woo tweeted<\/a> about the San Francisco exchange Coinbase and stated that \u201cbuys on Coinbase are not completing.\u201d The issue this time happened amid a larger bitcoin price drop.<\/p>\n As of press time, while the platform is working well, some customers have been experiencing a delay with ID verification, according to Coinbase\u2019s status<\/a> page.<\/p>\nHigh Flow of Incoming Customers<\/h2>\n
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Coinbase\u2019s Background on System Outages<\/h2>\n