Coinbase Faces Criticism Over Transaction Processing Delays
Date: 2025-01-22 Author: Henry Casey Categories: BUSINESS
Cryptocurrency exchange Coinbase (NASDAQ:COIN) has come under fire from its customers over delays in processing transactions. Some users are reportedly experiencing delays of up to 15 hours when making withdrawals or deposits, and in some cases, transactions are being rejected without explanation.
The issue has attracted public attention, with many investors sharing their complaints on social media. Some users are comparing Coinbase to other platforms, claiming that they process transactions on the Solana network faster and more efficiently.
According to analysts, the outages may be related to the high load on the Solana blockchain caused by a recent surge in activity. This happened after the launch of the meme tokens TRUMP and MELANIA, which led to record trading volumes. However, other experts point to problems in the infrastructure of Coinbase itself. Helius CEO Mert Mumtaz said the delays were likely due to internal system issues at the exchange rather than Solana being overloaded.
Coinbase CEO Brian Armstrong acknowledged the issue and publicly apologized to customers for the inconvenience. In a statement, the company noted that all customer funds were securely stored and the team was actively working to resolve the delays:
“We are aware of delays in sending and receiving Solana on Coinbase. Customer funds are safe. All assets are held 1:1, and Solana has not run out on the platform. We are committed to transparency and are working to resolve the issue,” the statement read.
Despite management’s assurances, users continue to experience long transaction processing times. Outgoing transfers can take up to 24 hours, while incoming transfers can take up to six. This has led to further dissatisfaction and doubts about the platform’s ability to handle the increased load.
