Coinbase, one of the leading cryptocurrency exchanges 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 announced 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 greeted with a “503 Service Temporarily Unavailable” error message. Coinbase Support has acknowledged the issue on social media and reassured users that their funds are safe. This is not the first time Coinbase has experienced temporary outages, as it faced similar disruptions on February 28 due to increased crypto trading activity. While these outages can be frustrating, some in the cryptocurrency community see them as an opportunity for market growth. Coinbase is expected to provide updates on the duration and cause of the outage as they work to resolve the issue and restore full functionality. In other news, investment banking firm KBW recently increased its price target for Coinbase to $230, citing the platform’s potential for long-term growth in the crypto economy. However, Coinbase has also encountered regulatory troubles, as a US District Court ruled that the SEC’s lawsuit against the exchange can proceed. The lawsuit alleges that Coinbase operates as an unregistered securities exchange, broker, and clearing agency. Former Assistant U.S. Attorney Kathryn Haun has also stepped down from Coinbase’s board.
