Coinbase, one of the world's largest cryptocurrency exchanges, reported that its customers in the UK and Canada were unable to withdraw funds to their PayPal accounts.
The company said it has identified the problem and is working on a fix.
Trying to Solve Problem with Coinbase
According to Coinbase's health page, the problem began at 00:13 on May 14, 2023, when the exchange noticed an increase in canceled transactions for PayPal.
The company said the funds are safe as its teams work on a fix. The issue was still unresolved as of 01:23 on May 15, 2023.
Coinbase added PayPal as a payment method for its customers in the US in April 2021, allowing customers to purchase cryptocurrencies or add cash using their debit cards and bank accounts linked to PayPal.
Coinbase customers in Canada have been able to link their PayPal accounts since May 2019, while customers in the UK have been able to do so since November 2018.
Coinbase did not provide an estimated time for the issue to be resolved or a reason why it occurred.
*Not investment advice.