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As the price of Bitcoin has risen, more and more retail traders have poured into cryptocurrency exchanges to buy Bitcoin. The major cryptocurrency exchange Coinbase encountered connection problems on Wednesday and Thursday, but these problems have now been fixed.
Coinbase said on Twitter, “We are aware that some customers have encountered problems with Coinbase. We know that we have let many people down, and we promise to do better. Thank you for this exciting time in the crypto economy and We will bear it together.”
For Coinbase, downtime has become the norm when the price of cryptocurrency rises. In the past year or so, according to incomplete statistics from “Beijing”, Coinbase has had 15 similar problems.
Last year, when the price of Bitcoin exceeded US$10,000, US$16,000, and US$20,000, Coinbase had inaccessible issues, which caused users of the exchange to be unable to trade. After the failure, some users said they would raise For the cryptocurrency on the exchange, cancel the account on the Coinbase exchange.
According to commercial media ThisIsMoney reports, some Coinbase users have also encountered various problems during this round of crypto surge. Some users’ accounts show “under review” and cannot conduct transactions.
As early as October last year, customers reported such problems. Some people were told that they needed to re-upload identification documents such as passports and driving licenses. Later they were told that their accounts were being reviewed and they could not access their funds.
A trader named Robert Jones said that the 7,000 pounds of Bitcoin he deposited on the exchange at the end of November was only unfrozen on Tuesday and could not be traded for five weeks. He was asked to verify his account almost after depositing the money in the exchange.
After the account was finally unlocked, he said, “I took the opportunity to sell my cryptocurrency and closed the Coinbase account.”
Coinbase told ThisIsMoney that “a small number of UK customers have encountered technical problems and most customers whose accounts have been affected can now make purchases and withdrawals.” The exchange also explained that it requires customers to provide additional documents to comply with financial regulations, and the recent surge in the price of Bitcoin has led to an influx of new customers.