Coinbase UK And Canada Users Can’t Trade Via Paypal, Fix Is In Progress
- Coinbase is reportedly experiencing an increase in canceled transactions for PayPal.
- UK and Canadian users cannot sell or withdraw to Paypal.
- The exchange says users’ funds are safe while their teams are working on a fix.
Cryptocurrency exchange Coinbase is experiencing a problem that prevents customers in the UK and Canada from selling or withdrawing their funds to Paypal.
5 hours ago, the largest electronic convenience exchange in the United States announced that they had recorded an error that caused a sudden increase in canceled transactions with Paypal.
The issue has prevented users of the exchange in the UK and Canada from making sales or withdrawing to their Paypal. It is not yet clear what caused the incident.
However, Coinbase also assured users that their funds were safe and their team was working on a fix. Paypal also said that they are working to fix the related transactions.
One of Coinbase’s goals is to add as many funding mechanisms as possible to make it easy to exchange digital currencies. As a step in that direction, the crypto exchange accepted PayPal (to sell bitcoins) and credit cards (to buy bitcoins) in 2016.
Thousands of Coinbase users use PayPal for their fiat currency transactions around the world. This integration allows Coinbase users to sell BTC and deposit their USD coins into a PayPal wallet.
PayPal integration is the third largest spending option besides bank purchases through automated clearinghouses (ACH), also capped at $25,000 daily, and wire transfers, without limits. With just a PayPal login to set up, it can provide users with an alternative to Coinbase’s cumbersome linking process for credit and debit cards (up to $5,000 weekly) and Bank accounts.
Buying crypto through PayPal ranks among Coinbase’s most expensive payment options. The 3.99% fee is as expensive as buying a debit card, although the limit is much higher. And it is markedly higher than the bank purchase fee of 1.49%. Sending US dollars from PayPal to Coinbase will trigger a 2.5% fee; ACH transfers are free.
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