- Coinbase India’s INR withdrawals have been paused since Nov. 9 due to a bank outage.
- The outage hits payouts for every client of the bank, not just Coinbase’s users.
- Coinbase India has not disclosed its banking partner or provided a timeline for resuming INR withdrawals.
Coinbase India has halted rupee withdrawals since November 9 because of an outage at its banking partner, leaving users unable to move money from the exchange to their bank accounts. In a post on X on Saturday, the exchange said the outage was still underway and that customer funds are safe. It has not named the bank or said when payouts will resume.
How the Outage Unfolded
- 3:07 am PST, November 9 (about 4:37 pm IST): Coinbase’s status page logged an “Investigating” entry. It said users in India might be unable to complete INR withdrawals or link new bank accounts. UPI use and deposits could also be delayed.
- 7:49 pm PST, November 9 (about 9:19 am IST on November 10): The entry moved to “Identified”. Coinbase said withdrawals were unavailable because of the partner outage and told users not to start new ones, since requests could fail or stay pending. Deposits, UPI, and bank linking were described as working normally.
- 9:00 am, November 14: Coinbase India repeated on X that withdrawals are “temporarily unavailable”. It said the outage affects the bank’s payouts for all of its clients, not only Coinbase, and that it is working with the bank around the clock.
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Temporary Withdrawal Delays vs. Exchange Insolvency
- Cause: A banking outage is a payment-rail failure at a third party. A hack or insolvency involves stolen or missing assets.
- Platform behaviour: In an outage, trading, deposits, and balances keep working. In a hack or insolvency, exchanges typically halt trading or disable logins.
- Recovery: Withdrawals return once the bank restores its systems. Insolvency recoveries can take years through the courts.
What Investors Can Do Meanwhile
- Avoid repeated withdrawal attempts: Coinbase has warned that new requests may fail or remain pending during the banking outage.
- Monitor official updates: Follow Coinbase India’s X account and its status page for withdrawal restoration announcements.
- Watch for fake support accounts: Ignore unsolicited messages claiming to resolve withdrawal issues. Never share passwords, two-factor authentication codes, or wallet recovery phrases.
Coinbase has yet to provide a timeline for restoring INR withdrawals, leaving users dependent on updates from its banking partner. Until the payout service resumes, users should avoid repeated withdrawal attempts and rely only on Coinbase’s official channels for updates.
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Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
