Coinbase Users Face Technical Issues When Transferring Bitcoin from Binance

Users of Coinbase, a cryptocurrency exchange established in 2012 by Brian Armstrong and Fred Ehrsam, experienced technical difficulties when they attempted to transfer Bitcoin (BTC) from the crypto exchange Binance.

The news about technical issues broke on Twitter and Reddit, with some Coinbase customers complaining they can't transfer BTC. 

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

How to Pick the Right NFTs? (Animated DOs & DON'Ts)

SUBSCRIBE

ON YOUTUBE

Based on the reports, during every attempt, customers would receive a notice from the Office of Foreign Assets Control (OFAC), claiming that their transfer was halted as it was coming from an “OFAC-sanctioned address.”

Coinbase spokesperson revealed that the crypto exchange faced technical issues regarding the matter. On top of that, a Coinbase representative highlighted that all affected users would receive emails that note that they will soon receive deposits in their accounts. The spokesperson added that technical difficulties affected less than 100 people and were fixed shortly.

Over the years, the US Office of Foreign Assets Control (OFAC) has sanctioned several crypto wallets or protocols and placed them on the “Specifically Designated Nationals” list. If the wallet or protocol is placed on this list, US residents are prohibited to interact with these entities.

For example, in August 2022, the US Treasury sanctioned 44 crypto addresses related to the crypto mixer Tornado Cash. Based on the US Treasury, the mixer has been used to launder more than $7 billion since 2019.

At the end of February, crypto exchange Coinbase launched a pro-crypto advocacy campaign, dubbed #Crypto435, in all 435 Congressional Districts in the United States. Based on Coinbase, the campaign aims to ensure that the voice of the crypto community is heard in all US congressional districts.