Clients of Coinbase, one of the largest cryptocurrency exchanges, will experience some issues later this week. This article analyzes the cause of the disruption and provides additional key details.
Coinbase Systems Upgrade Scheduled for Weekend
Coinbase, the leading US-based cryptocurrency exchange with over 100 million users, announced on X that it will be temporarily offline on October 25, at approximately 7 AM PT, due to a scheduled systems upgrade.
"All trading (except perpetuals futures on INTX) across Coinbase.com (Simple and Advanced Trade), Coinbase Exchange, and Coinbase Prime will be unavailable. All transfers will be unavailable on Coinbase Exchange, and any in-flight transfers will be delayed," the disclosure reads.
The company's team advised users to follow its official account on X for updates on the matter and promised to post reminders and details on a designated website. Some users commenting on the post expressed frustration that the upgrade will occur during the weekend, while others complained that such outages happen regularly.
This scheduled downtime follows a recent severe disruption experienced by Binance, the biggest crypto exchange. During the market crash on October 10, multiple Binance users reported errors and technical glitches, with some being unable to place orders for a period. Shortly after, Binance established a multi-million-dollar fund to reimburse affected clients, attributing the operational hurdles to sharp market fluctuations.
Recent Listings and Trading Updates on Coinbase
Earlier this month, Coinbase placed Binance Coin (BNB) on its roadmap, a section comprising cryptocurrencies that may be officially listed if they meet certain criteria. This move was somewhat surprising as BNB is the native token of Binance, Coinbase's biggest competitor. Despite the potential controversy, Coinbase added support for BNB on October 22, making it available on Coinbase.com, its application, and Coinbase Advanced.
"The opening of our BNB-USD trading pair will begin when liquidity conditions are met, in regions where trading is supported," the exchange stated.
Other cryptocurrencies recently listed by Coinbase include aPriori (APR) and Meteora (MET). In contrast, trading for Freysa (FAI) and Moonwell (WELL) perpetual contracts was suspended.