One of the great things about Coinbase has been the ability to cash out directly to online payment giant Paypal. Sadly, those days may be gone for good, or at least a real great while.
In the wake of Coinbase’s notorious multiple charge fiasco, the cryptocurrency titan has been dealing with technical issues involving more than one payment processor. But perhaps the processor that matters most to many smaller traders is Paypal.
For the past year or so, Coinbase has allowed its users to sell their bitcoin directly into their Paypal accounts, but that time may have come to an end. In a recent post to their Medium blog, which has since been deleted, Coinbase stated:
“As you may have seen in our previous update, our current PayPal offering is not meeting many customers’ expectations. Our plan is to eventually re-enable support for 2 weeks and then disable PayPal entirely until we can overhaul the entire experience.
We are actively working with PayPal to temporarily re-enable support. We do not currently have a formal timeline, however, we are working to resolve this issue within the next few weeks. We will provide an update next week.”
For the past few days, Coinbase’s Paypal feature has been “temporarily suspended” but this blog post suggests they don’t plan on bringing it back any time soon.
Coinbase has been mildly transparent about this issue prior to disable Paypal, when they posted on January 19th to their “status” site:
On 1/19/18 our team identified an issue that was preventing some transactions from being properly synced between Coinbase and PayPal accounts. Some customers may have had PayPaltransactions which didn’t appear to complete within Coinbase, or didn’t show up within their PayPalaccounts.
Currently, aside from some noise on reddit, there isn’t any word from Coinbase themselves on what is actually happening with Paypal, so we only have this deleted post to go on.