The website of the crypto exchange is showing a "503" error.
The outage has also affected the mobile app and self-custody wallet.
Coinbase, the largest cryptocurrency exchange in the US, is “experiencing a system-wide outage” that has directly impacted its services. Both desktop and mobile platforms of the crypto exchange are not working.
Coinbase Is Down
The reason behind the outage remains unclear as the exchange ensured that it is “investigating this issue.” According to the status page of Coinbase, the outage started at 21:19 Pacific Daylight Time (PDT) on 13 May. In the latest update at 23:09 PDT, the exchange noted that "we are continuing to investigate this issue."
Addressing its users, the exchange further noted: “Your funds are safe.”
A Platform-Wide Outage
An attempt to visit the Coinbase website shows the message “503 service temporarily unavailable.” According to Mozilla, the server throws a 503 error when it is not ready to handle requests due to overload or maintenance.
Interestingly, the mobile app of the crypto exchange is showing that “planned maintenance [is] in progress,” which is wrong.
The outage even affected the self-custody platform of the exchange, Coinbase Wallet, which is showing the message “something went wrong” and suggesting some unnecessary instructions like forcefully quitting the app and making sure it's updated.
A screenshot of Coinbase Wallet app
The system-wide outage came when the dollar value of Bitcoin was hovering around $62,000. According to Coinmarketcap, Coinbase handled about $2.4 billion in cryptocurrency trading volume in the last 24 hours, which will definitely take a hit with the ongoing outage.
Coinbase base is one of the reputed cryptocurrency exchanges and is also publicly listed in the United States. The exchange is benefiting extensively from the ongoing bull run in crypto and has generated $1.2 billion in net income on revenue of $1.6 billion in the first quarter of 2024.
The recent outage is not the first for Coinbase. On Feb 28, 2024, Coinbase and several other crypto exchanges suffered a temporary outage triggered by the surge in trading activities. However, system-wide outages are still rare as such incidents diminish user trust in a platform, especially those offering trading services.
Coinbase, the largest cryptocurrency exchange in the US, is “experiencing a system-wide outage” that has directly impacted its services. Both desktop and mobile platforms of the crypto exchange are not working.
Coinbase Is Down
The reason behind the outage remains unclear as the exchange ensured that it is “investigating this issue.” According to the status page of Coinbase, the outage started at 21:19 Pacific Daylight Time (PDT) on 13 May. In the latest update at 23:09 PDT, the exchange noted that "we are continuing to investigate this issue."
Addressing its users, the exchange further noted: “Your funds are safe.”
A Platform-Wide Outage
An attempt to visit the Coinbase website shows the message “503 service temporarily unavailable.” According to Mozilla, the server throws a 503 error when it is not ready to handle requests due to overload or maintenance.
Interestingly, the mobile app of the crypto exchange is showing that “planned maintenance [is] in progress,” which is wrong.
The outage even affected the self-custody platform of the exchange, Coinbase Wallet, which is showing the message “something went wrong” and suggesting some unnecessary instructions like forcefully quitting the app and making sure it's updated.
A screenshot of Coinbase Wallet app
The system-wide outage came when the dollar value of Bitcoin was hovering around $62,000. According to Coinmarketcap, Coinbase handled about $2.4 billion in cryptocurrency trading volume in the last 24 hours, which will definitely take a hit with the ongoing outage.
Coinbase base is one of the reputed cryptocurrency exchanges and is also publicly listed in the United States. The exchange is benefiting extensively from the ongoing bull run in crypto and has generated $1.2 billion in net income on revenue of $1.6 billion in the first quarter of 2024.
The recent outage is not the first for Coinbase. On Feb 28, 2024, Coinbase and several other crypto exchanges suffered a temporary outage triggered by the surge in trading activities. However, system-wide outages are still rare as such incidents diminish user trust in a platform, especially those offering trading services.
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
Bitcoin and Dogecoin Price Push: Crypto Euphoria Creates a Bullish Barbell
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
Finance Magnates Annual Awards 2024 | FM Awards 2024 Highlights
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
🎥Catch the best moments from the Finance Magnates Annual Awards Gala Dinner!
An evening where top names in finance came together to celebrate achievements, enjoy live music, and connect over a memorable dinner. Watch the highlights and feel the energy of our first gala in Cyprus!
Congratulations to all the winners for their dedication to excellence and leadership in the financial industry, including XM, Trading PRO, FP Markets, Deriv, FxPro, LATAM, Headway, ATFX, FBS, AMEGA, EC Markets, Axi
For more information about the 1st Finance Magnates Annual Awards, visit https://bit.ly/3Zb7wNz
#FinanceMagnatesGala #IndustryExcellence #GalaHighlights #FinanceMagnatesAnnualAwards #FinanceMagnatesAwards #CelebratingSuccess #FinanceCommunity
FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FMLS:24 | Shaping the Next Era of Financial Evolution
FMLS:24 | Shaping the Next Era of Financial Evolution
Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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Welcome to FMLS:24 – the premier event where influential brands and leaders in trading, payments, fintech, and digital assets come together!
Join over 2,500 industry professionals, engage with 150+ expert speakers, and discover endless opportunities with 70+ top exhibitors. FMLS:24 is where senior executives and decision-makers gather to close deals, forge new partnerships, and strengthen connections with long-term clients.
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FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
FM's Andrea Badiola Mateos at speaking in a panel discussion at LSEG's Cyprus event
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The Role of PAMM, MAM & Copy Trading in Business Growth Strategies | Webinar
The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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The copy trading market is projected to double in size, growing from $2.2 billion to $4 billion by the end of this decade. In light of this, brokers and financial institutions are increasingly adopting PAMM, MAM, and Copy Trading solutions to scale operations and drive profitability. In this insightful webinar, Sergey Ryzhavin, Product Owner at B2COPY, outlines the advanced features of the B2COPY platform, showcasing how it enhances Copy Trading, PAMM, and MAM performance. Sergey also explores strategies for using these tools to attract new clients, improve customer engagement, and create additional revenue streams.
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