Coinbase to temporarily halt PayPal withdrawals, stops accepting new US credit cards

Coinbase to temporarily halt PayPal withdrawals, stops accepting new US credit cards

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Coinbase, which is among the largest cryptocurrency exchanges in the world, and the largest in the US, has made several important announcements in its latest blog post, mostly regarding PayPal withdrawals and accepting new US credit cards.

First off, the post dwells on the problems with USD PayPal withdrawals, which have been problematic in the past several weeks. In fact, at the time of writing this article, the Coinbase site displays information that the PayPal withdrawals are disabled, because of a failure to fix the withdrawal problems.

coinbase paypal

However, Coinbase says it will re-enable support for a couple of weeks and then will entirely disable the option, until it can completely overhaul the experience. “We know many customers prefer PayPal as their USD withdrawal method, and we’re planning on fully re-enabling PayPal later this year”, Coinbase said. The PayPal payment option is available only in some of the 32 countries where Coinbase is available.

Further in the same post Coinbase informs its US clients that it has disabled adding new credit cards as a payment method. The main reason is the fact that several major US banks have banned their credit card holders from buying cryptocurrencies with credit cards. The change might affect other countries, too: “For customers in the UK, EU, Canada, Australia and Singapore, we are collecting feedback and evaluating similar changes”, Coinbase said.

As for those who already have registered their credit cards as payment method, they can continue to use them, as long as their issuer allows it. However, Coinbase notes, that the issuer can now charge an additional “cash advance fee”. If the credit card is not supported, clients can switch to payments via a debit card or a bank account.

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