Coinbase experiences a widespread outage, rendering users unable to access the cryptocurrency exchange

Coinbase, a prominent cryptocurrency exchange in the United States, is currently experiencing a widespread outage affecting both desktop and mobile platforms. The exchange officially acknowledged the outage on its status page, stating that it began at 4:15 am UTC on May 14.Upon visiting the Coinbase website, users are presented with a “503 Service Temporarily Unavailable” error message. This technical issue aligns with Mozilla’s developer guide, which suggests that the outage is likely due to server maintenance or overload.Coinbase Support has addressed the problem on social media, confirming that they are actively investigating and working towards a resolution. Despite the disruption, the exchange reassures users that their funds remain safe. This is not the first time Coinbase has faced temporary outages, as similar instances occurred previously.While the exact duration and underlying cause of the outage remain undisclosed by Coinbase, the company promises to provide updates as they make progress towards restoring full functionality to their platform.Recently, investment banking firm KBW praised Coinbase for providing investors with an opportunity to participate in the long-term growth of the crypto economy and increased their price target for Coinbase stock to $230. Meanwhile, Coinbase has also faced regulatory challenges.A federal judge in New York ruled that the SEC’s lawsuit against Coinbase can proceed. The lawsuit alleges that Coinbase operates as an unregistered securities exchange, broker, and clearing agency. Notably, Kathryn Haun, a former Assistant U.S. Attorney and partner at Andreesen-Horowitz, has stepped down from Coinbase’s board.