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In a new turn of events, crypto currency exchange Coinbase is currently experiencing a system-wide outage. This issue has rendered the platform temporarily inaccessible to its users, who are greeted with a “503 Service Temporarily Unavailable” alert upon attempting to access this site. Coinbase quickly addresses the situation in a post on X [formerly Twitter], assuring users that their funds remain safe despite the outage. “Your funds are safe,” the firm stated, emphasizing that the technical team is diligently working to resolve the issue. Beyond this brief communication, a spokesperson for Coinbase confirmed that there are no further updates available at this time. Coinbase is experiencing a system wide outage. We are investigating this issue and working on a solution. Please see https://t.co/a3pl4WiDhZ for updates. Your funds are safe. — Coinbase Support (@CoinbaseSupport) May 14, 2024 Also Read: Coinbase Officially Integrates Bitcoin ...

Coinbase has changed its head of custody , potentially as a strategic decision for handling services related to spot Bitcoin ETFs. The departure of Aaron Schnarch, the former Chief Executive Officer of Coinbase Custody, marks a pivotal shift in the company’s leadership. Schnarch’s position has been filled by Rick Schonberg, who joined Coinbase in 2021 and brings experience from previous stints at Goldman Sachs, State Street, and Tagomi. Breaking: After @Grayscale shuffles their team before the ETF approvals, @Coinbase follows suit with Rick Schonberg replacing Aaron Schnarch at Coinbase Custody. Aaron Schnarch, chief executive officer of Coinbase Custody, left in recent weeks, a spokesperson confirmed. He was… pic.twitter.com/rUajrSXK6f — MartyParty (@martypartymusic) December 29, 2023 You might also like: Cryptocurrency option trading soars as January ETF expectations escalate Coinbase’s custody division is recognized as a preferred choice for Bi...

Cryptocurrency exchange Coinbase has denied reports that it has introduced $5,000 weekly limit s on Bitcoin (BTC) withdrawal s. In a post, one user X (form. Twitter) claimed he had encountered a limitation on withdrawing Bitcoin from Coinbase. The limit was $5,000 per week. The post received over 250,000 views, over 420 retweets, and almost 2,000 likes. It also caught the attention of cryptocurrency researcher Chris Black, who asked if anyone could verify the claim made. . @Coinbase is limiting bitcoin withdrawls. I just tried to send BTC from Coinbase to my cold wallet, and encountered a NEW $5k/wk withdrawl limit policy (implemented 10/13). I've been a Coinbase customer for 10 years. GET YOUR BITCOIN OFF EXCHANGES!!!! — Colin Brown (@thecolinbrown) October 23, 2023 It later turned out that there are no restrictions on withdrawing BTC to Coinbase. According to the user, exchange support contacted him and unblocked BTC. “Unfortunately, they offered a prett...

In a statement to crypto.news, Coinbase has denied leaving the Indian market in September. Crypto.news has contacted Coinbase to understand the company’s current rumors about leaving the Indian market that were initially reported by the local newspaper, Economic Times. Coinbase spokesperson explained that the company is not ceasing operations in India. Instead, on Sept.9, Coinbase sent an email to some of Indian users entering the platform from other jurisdictions worldwide. The spokesperson further stated that in a recent system review, they found some Indian accounts that didn’t align with their updated standards. As a result, those accounts will be disabled, but customers will get a chance to update their details in the future. The platform reassured that the funds of affected users are safe and they can still make withdrawals or send to other crypto services until Sept. 25. They emphasized their commitment to maintaining high standards for the Indian crypto communi...

As per the recent filing with the U.S. Securities and Exchange Commission (SEC), customers of the Coinbase Prime service have already invested more than $57 million in the lending program. Coinbase Prime is the exchange’s full-service Prime brokerage platform allowing institutions to execute trade and custody assets. In a statement on Tuesday, the crypto exchange said: advertisement “With this service, institutions can choose to lend digital assets to Coinbase under standardized terms in a product that qualifies for a Regulation D exemption”. The development comes on the same day that Coinbase announces its $180 million bond buy-back program. Coinbase initially introduced its bond buyback initiative with a set cap of $150 million. Initially receiving a tepid response, the company has opted to expand the total amount allocated for repurchasing 2031 bonds to a significant $180 million. Coinbase and Crypto Lending Coinbase has previou...

The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim. In the ongoing legal battle between Coinbase and the United States Securities and Exchange Commission (SEC), the American cryptocurrency exchange has filed a motion to dismiss the SEC’s complaint. In a legal document filed on Thursday, June 29 with the U.S. District Court for the Southern District of New York, Coinbase raised concerns about the SEC’s interpretation of securities laws, suggesting the agency was reaching beyond its legal authority. This move underscores Coinbase’s determination to challenge the SEC’s lawsuit. The motion to dismiss argues that even if all the allegations in the lawsuit are true, the plaintiff does not have a valid legal claim . Coinbase’s legal team stated in the filing: “Even if the SEC were correct that the assets and services it identifies are within the scope of its existing regulatory authority, this [legal] actio...

U.S. consumers sending international bank transfers pay more than $12 billion annually in remittance fees alone. A recent blog post from cryptocurrency exchange Coinbase indicates the vast majority of U.S. remittance fees for international transfers wouldn’t apply to similar transactions conducted using cryptocurrency.  According to the exchange’s research, “The US average fee rate of 6.18%, means Americans' average yearly spend is likely close to $12 billion on remittance fees.” The post goes on to state that the average transaction time for such remittances ranges from one to 10 days, while similar cryptocurrency transactions usually take around 10 minutes. Remittance Payments represent a sort of ‘double whammy’ for international transactions as, typically, they require both a sending fee and a conversion fee to exchange between currencies. Cryptocurrency transactions, however, tend to cost significantly less. Per Coinbase, Bitcoin (BTC) transaction fees average approximately...