The outage of Coinbase’s crypto services amid Bitcoin’s rising trading price acted as a major fear among Coinbase users.
Coinbase is a highly ranked crypto exchange best known for its highly compatible Crypto services. Despite being highly compliant with financial regulations, this crypto exchange has faced huge legal hurdles. In mid-2023, the U.S. Securities and Exchange Commission (SEC) filed a lawsuit against Coinbase for conducting unregistered securities offerings and operating an unregistered national securities exchange.
This morning, Coinbase crypto exchange reported that their services had been interrupted as the platform faced an unknown technical issue.
After three hours of investigation, the technical team successfully found and partially resolved the problem.
Even at the time of writing this article, many Coinbase users on X (formerly Twitter) reported that they were unable to transfer their crypto assets.
Many Crypto X users said they are unable to withdraw or transfer funds from the exchange.
Coinbase (COIN) stock price action
Following this news, the trading price of Coinbase (COIN) shares fell -3.51%, but later recovered slightly. The current trading price of Coin stock is $199, which is only 0.7% lower than the last 24 hours.
Notably, the trading price of Coin shares has been up 116% over the past six months, despite the company facing heavy legal hurdles.
Coinbase vs. SEC
The entire crypto industry is aware of the legal battle between the SEC body and Coinbase exchange. Despite legal action from the SEC, Coinbase’s Crypto Exchange has provided full crypto services while restricting some of its crypto services in certain US states.
Also read: Rain crypto exchange lost $14.1 million due to hacking incident