Bitcoin’s rally is turning out to be bad news for Coinbase, the crypto trading app that has just confirmed some of its customers are seeing a zero balance across their Coinbase accounts.
The price of Bitcoin climbed in the wake of U.S. spot Bitcoin ETFs, driving a 42% price rally this month.
Users of the Coinbase app grew concerned on Wednesday as they logged in to find their accounts showing a zero balance, despite owning crypto assets.
We are aware that some users may see a zero balance across their Coinbase accounts & may experience errors in buying or selling.
Remarked one user on X, who shared a picture of a zero balance, “My mom called and asked me and mine was at zero also,” they said.
Some cryptocurrency exchanges in Nigeria faced accessibility issues for users, prompting speculation of imposed restrictions on crypto sites, the Financial Times reported.
On Wednesday, local media reported that Nigeria’s telecom regulator, the Nigerian Communications Commission (NCC), received instructions from the country’s apex bank to suspend access to crypto websites, including Binance, Coinbase and Kraken.
According to Bloomberg, a presidential spokesman confirmed Nigeria’s issuance of a directive instructing telecoms and internet service providers to block access to cryptocurrency trading platforms.
Only users attempting to access the website are impacted, although the app is currently available,” Binance stated.
While several Binance users in Nigeria reported difficulties accessing the site in the early hours of Thursday, it appears that the directive to restrict access has been temporarily halted, as these cryptocurrency trading platforms, including Kraken and Coinbase, are currently accessible.
Coinbase, one of the largest crypto exchanges globally, bit back on Wednesday during a hearing to decide whether it committed securities violations.
The U.S. Securities and Exchange Commission filed the suit in June 2023, just one day after it sued Binance, the largest crypto exchange by volume, over securities matters.
In the SEC’s claims against Coinbase, it also alleged that the 13 cryptocurrencies available for trading on the exchange were securities.
Although separate, the Binance suit also had 12 crypto assets mentioned as securities.
The judge requested that the securities-focused agency explain what elements of crypto assets constitute investment contracts.
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