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Coinbase Experiences Outage, OKX Expands to Australia

May 14, 2024

During the late hours of May 13, some Coinbase users started experiencing failures while trying to send funds. Soon, they also started encountering failures while sending crypto and withdrawing fiat. According to official details, the website and mobile app endured a “major outage.”

Source: Coinbase

The team revealed that they were looking into the issue and assured users that their funds were all safe and secure.

Users were, however, not happy with the state of affairs. Several shared screengrabs showing that the maintenance was “planned.” In fact, one user also went on to question Coinbase, “Why would you investigate something that’s planned?”

Expressing frustration, a user exclaimed that outages like this “Always happen during crucial times,” while another one asked the exchange if it was going to cover the dips he was missing out on because of not being able to transfer crypto. He said,

“The dip’s been happening all day on many of my degen meme tokens… I just want my SOL so I can buy up supplies.”

Amid the blame game, several others used this opportunity to stress on the importance of self-custody and decentralized exchanges.

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Macro State of Affairs

Coinbase is currently a part of the top-3 exchanges worldwide. Over the past day, it registered a sharp spike in volume and managed to foster trades worth $2.45 billion.

Source: CoinGecko

OKX, on the other hand, occupied the second position. Facilitating 30.5 million monthly visits, this exchange registered a volume of $2.67 billion over the past day. In fact, the OKX has been in the news lately for setting up camp in Australia. The exchange is all set to offer spot trading services to the Australian user base. The doors to Derivatives trading, on the other hand, will be open for verified wholesale customers. Users can deposit and withdraw AUD via most local banks to get exposure to an aggregate of 85 crypto tokens/170 crypto spot pairs. This move is a stepping stone to OKX’s “long-term commitment” to the Australian market.

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