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Buying and selling of Cardano seems to work fine on Coinbase at time of writing.
Key points
- Since Friday, Coinbase users who hold the cryptocurrency Cardano (ADA) have been unable to send or receive the digital asset from the platform.
- While buying and selling of the crypto is still functioning, transfers to and from the crypto trading exchange are disabled.
- No official word from Coinbase as to the cause for the isolated funds transfer outage or estimated time of service restoration.
Reddit forums have been chattering over the weekend that Coinbase holders of Cardano (ADA) are unable to send or receive that specific crypto to or from any digital wallets. When I personally tried to send that specific cryptocurrency to another of my digital wallets this morning, a pop-up notification appeared that stated Cardano "send/receive" functions have been temporarily disabled. However, a separate sale and purchase of Cardano I executed this morning on Coinbase went off without a hitch.
Centralized crypto exchanges -- such as Coinbase -- typically provide a handful of services to users including crypto storage or custody, staking of crypto to earn interest, buying and selling crypto, and seamlessly enabling the transfer of funds into and out of e-wallets. The ability to send and receive digital assets from digital wallet to wallet is a major benefit for crypto holders, while the hindrance of this service can be a major headache for users who can't gain immediate access to their funds.
Cardano transfer outage on Coinbase
The funds transfer outage for Cardano has been in place since Friday. There's been no official word from Coinbase as to why this issue is isolated to ADA nor any estimated timeline provided for restoration of service. This is the message users see when they sign up to get updates on the outage:
"Sends/receives are currently disabled for Cardano (ADA). While we work on a fix, your funds remain secure on Coinbase. You'll receive email notifications when incidents are updated, and text message notifications whenever Coinbase creates or resolves an incident."
One possible explanation for the Cardano-focused outage came from a Redditor called "Hyrootpharms" who posted that Cardano developers recently completed a system update that required "receiver address validation" as a security upgrade for anyone sending Cardano to a digital wallet. The Redditor went on to assert that Coinbase had not updated its system yet to reflect that change.
Messages this morning to both Coinbase Support and the Cardano Foundation for clarity on the issue have not received responses.
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Details about Cardano
According to the Cardano Foundation, the coin is a proof-of-stake blockchain platform that strives to allow "changemakers, innovators, and visionaries" to bring about positive global change. At the time of writing, Cardano was trading at $1.11, down 3.66% in the last 24 hours. It's currently ranked seventh on CoinMarketCap.com with a valuation of more than $37.3 billion.
Outage update sign-up from Coinbase
Anyone interested in getting automatic updates on the status of the funds transfer outage can visit the official Coinbase Status page and sign up for text or email updates. While affected users can't transfer Cardano directly to other wallets, they should be able to convert their Cardano to cash or another crypto. However, if you convert Cardano to a different crypto, make sure you have the precise corresponding send/receive address of the new crypto before initiating the transaction.
FAQs
Coinbase puts safeguards in place to prevent potential loss from irreversible transactions. In some situations, accounts may be temporarily restricted from sending cryptocurrency off the Coinbase platform for a period of time. Other restrictions may also apply, depending on our internal security and risk assessment.
Why is my Cardano locked up on Coinbase? ›
Staking requires your Cardano to be locked on the protocol in order to earn rewards. During this time you won't be able to trade or transfer your Cardano. The lock up periods are defined by protocols and can range from a few hours to a few days.
How do I cash out my Cardano on Coinbase? ›
To cash out your balance:
- Sign in to your Coinbase.com account.
- Select My Assets.
- Select your local currency balance.
- Select the Cash out tab and enter the amount you want to cash out.
- Select Transfer to and choose your cash out destination.
- Select Review.
- Select Withdraw cash to complete your transfer.
Reasons for account restriction
Suspicion of malicious activity targeting your account. Detection of a security issue during account recovery. Requested by you via a link in a Coinbase email due to unrecognized account activity.
Why can't i receive crypto on Coinbase? ›
When receiving crypto into your Coinbase account, confirm that the sender is sending the funds on a network that Coinbase supports. Funds sent from the incorrect network will not appear in your account and will be lost. Coinbase is unable to retrieve funds that are sent from an incorrect network.
Is Cardano ADA supported on Coinbase wallet? ›
Can I buy Cardano on Coinbase? Yes, Cardano is currently available on Coinbase's centralized exchange.
Why is my Cardano locked? ›
If you hold Cardano tokens or NFTs at your Cardano address or interact with web3 apps or dApps, you might have noticed that some of your ADA tokens are locked. For Cardano tokens and NFTs, the Cardano network requires you to lock away some ADA for every Cardano token and NFT your wallet holds.
Can I unstake Cardano on Coinbase? ›
Ability to unstake assets: Yes. Only ADA principal (not pending rewards) can be withdrawn. If you wish to withdraw pending rewards, you must first unstake so the rewards will go back to the custody wallet, then withdraw the rewards from the custody wallet.
Why is Coinbase not letting me cash out? ›
It's directly related to purchasing crypto or adding cash in local currency using a linked bank account. For security reasons, you won't be able to immediately cash out your local currency using a linked bank account or send crypto purchased with such funds off of Coinbase.
What is the best exchange for Cardano? ›
The best exchange online platform for Cardano (ADA)
However, our opinion is that YouHodler is the best exchange online platform to trade Cardano (ADA) and many other coins.
Why is Coinbase not letting me send my crypto to another wallet? In some cases, Coinbase may delay transactions from your account if the platforms suspects that another party is making the transaction. In this case, you may be required to verify your ID or wait 72 hours before the transaction is approved.
How do I unrestrict my Coinbase? ›
Access the Coinbase.com sign in page. Enter your email address and password as usual. Complete 2-step verification. If you're unable to complete 2-step verification, contact our Support team for assistance.
What happens if you get banned on Coinbase? ›
If your Coinbase account has been shut down due to violations of the user agreement, your remaining balance must be withdrawn from your account.
Why can't I transfer money out of Coinbase? ›
When you use a linked bank account (ACH) to buy crypto or add cash to your account balance, the funds are placed on hold and won't be immediately available to send or cash out. Think of this like depositing a check to your bank account and having to wait for it to clear before you can remove the funds.
How long until crypto is available to send on Coinbase? ›
Once your transaction is verified and confirmed, the crypto will show up in the recipient's account. This can take anywhere from a few seconds to a few minutes. If you're a Coinbase customer, you can also send crypto to any email address in 100+ countries for free.
How do I enable sends on Coinbase? ›
From the Coinbase Wallet home screen, select Send. You'll be prompted to select the asset you'd like to use and to choose a desired amount. Ensure that you have the correct wallet address for your recipient—funds could be lost if they are sent to the wrong address.
Why is Coinbase not letting me buy crypto? ›
There are two common reasons for this:
Sometimes, we need more information to confirm you own the payment methods on your account. If you haven't already, please upload an ID document for each person with verified information on your Coinbase account. This helps speed up our review process.
