Coinbase, a prominent cryptocurrency exchange in the United States, is currently facing a widespread outage that is preventing users from accessing its services on both desktop and mobile platforms. The exchange officially acknowledged the outage on its status page, stating that it began at 4:15 am UTC on May 14. As a result, users attempting to visit the Coinbase website are met with a “503 Service Temporarily Unavailable” error message. Coinbase Support has taken to social media to address the issue and assure users that they are actively working to resolve it. They have also emphasized that users’ funds are safe despite the disruption.
This is not the first time Coinbase has experienced temporary outages. In February, along with other exchanges, Coinbase faced service disruptions due to a surge in cryptocurrency trading activity. While these outages can be frustrating for users, some individuals in the cryptocurrency community view them as a positive sign, suggesting that the increased activity during downtime benefits the market price.
The exact duration of the outage and its underlying cause have not been specified by Coinbase. However, the company is expected to provide updates as they work towards resolving the issue and restoring full functionality to their platform.
In other news, investment banking firm KBW recently raised its price target for Coinbase to $230, praising the exchange for providing investors with an opportunity to tap into the long-term growth potential of the crypto economy. Despite this positive development, Coinbase has also faced regulatory trouble. Last month, a US District Court ruled that the SEC’s lawsuit against Coinbase can proceed. The lawsuit alleges that Coinbase operates as an unregistered securities exchange, broker, and clearing agency. Judge Katherine Polk Failla stated that the SEC’s case against Coinbase has plausible grounds, allowing the lawsuit to move forward.
Furthermore, Kathryn Haun, a former Assistant U.S. Attorney and partner at Andreesen-Horowitz, has recently resigned from Coinbase’s board. The reasons behind her departure have not been disclosed.