San Francisco-headquartered cryptocurrency exchange Coinbase announced earlier today that Coinbase Pro has run into an issue in the BTC/USD order book, resulting in the trading pair being unavailable.
[status] Investigating: We are currently investigating issues with trading on the BTC-USD order book. https://t.co/EOfg1Mt7lM— Coinbase Pro (@CoinbasePro) August 10, 2018
Coinbase Pro users were understandably concerned over the announcement as there was the risk that customers might lose some of their funds. Coinbase managed to identify the problem and restored trading on BTC/USD by clearing all open borders.
The exchange then announced they would remain in cancel-only mode while the problem was being investigated. About an hour later Coinbase Pro explained that the BTC/USD order book did not have sufficient liquidity to enter limit-only mode. As such, they cleared the book and were scheduled to reopen the book at 9:00am PT (4:00pm UTC).
[status] Identified: The BTC-USD order book did not meet sufficient liquidity needed to enter limit-only mode. We have cleared the book and expect to re-open the book in post-only mode at 9:00am PT. https://t.co/EOfg1Mt7lM— Coinbase Pro (@CoinbasePro) August 10, 2018
Some users expressed their frustration on Twitter:
This is INSANE! You need to be covering your customers for this, I can't even imagine how many people were mid-trade. Now another 8.5 hours delay? Insane and totally unprofessional.
— Ulrico (@ulricogc) August 10, 2018
How do you not have primary/standby systems? See this in crypto a lot but as an exchange with institutional aspirations it makes no sense.— dan g (@dg1001) August 10, 2018
Im moving to another exchange. Coinbase is way to unstable. Im not feeding more money to a broken nachine.— VortexSigns (@VortexSigns) August 10, 2018
The news comes days after Coinbase announced an increase in purchasing limit for their US customers to $25,000 a day, as well as implementing immediate trading.