Crypto Investors, Withdrawals On Coinbase Can Be Delayed For A Week
Customers trying to withdraw cryptocurrencies from their Coinbase accounts are encountering unexplained delays. The users in question are U.S.-based, and no reports have surfaced of similar delays for non-U.S. customers.
The discussion has found its way to social media. One user, Ricard Antonio Ramos, stated on Facebook, “6-day hold now last I checked [at least] for me.” He was responding to a post by Chris Enlow, who had said
“…It takes a few days for your deposit to clear but then you can buy and sell instantly at least. I think the last time I bought crypto from [Coinbase] they held the damn coins for 7 days…”
Many customers posted on Twitter about their withdrawals that got delayed for up to seven days. There were also few users who reported the delay to have prolonged for more than two weeks. Currently, there are no reports of any delay on the Coinbase Pro platform, which deals with the Coinbase Institutional trading.
Apart from these latest reports, the San Francisco-based tech company faced some serious and repeated complaints of holding up the customer’s assets since the end of last year, when the prices of crypto assets blew up.
One of the representatives from the Coinbase explained that during the sudden rise in crypto assets’ prices in the late 2017 and early 2018, the delay occurred because of the unexpectedly higher trading volume which caused downtime during that period.
The Coinbase trading volume crashed down to 83% in August. This indicates overcapacity as an unnatural explanation for the current delays. Nonetheless, the firm has recently taken measures to correct this glitch by upgrading its surge and trading capacity by 1000%.