The stock exchange states that the problem has been identified and is working towards a solution.
Coinbase paused transactions from U.S. customers, according to a status update by the crypto exchange at 7:57 a.m. ET on Sunday morning.
The error restricts U.S. bank accounts from making withdrawals, deposits or purchases on the platform.
“We are currently unable to make payments or make withdrawals related to US bank accounts,” Coinbase said in the statement. “Our team is aware of this problem and is working to get everything back to normal as soon as possible.”
Coinbase issued two subsequent updates that the issue was under investigation an hour after the first notice. At 8:23 a.m. ET, the exchange said that the problem of transactions was “identified and the fix is implemented.”
Customers can still use debit cards or PayPal to purchase encryption during the downtime, according to the statement.
Coinbase did not respond to CoinDesk’s request for comment by the time of publication.
The problem was not the only one in the wider cryptocurrency ecosystem this weekend. Solana suffered what she described as a “major break”, which lasted more than six hours, according to her website.