PayPal Resolves Two-Hour Global Outage Affecting Multiple Services
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Payment giant PayPal announced that it has resolved the issue that affected its services. The issue began at 10:53 GMT and PayPal resolved it by 12:59 GMT. Many users said they were disturbed and couldn’t perform some transactions.
According to the update, the problem disrupted several PayPal services. These included account withdrawals, online shopping, Venmo payments, and cryptocurrency transfers. Users said they could not finish their payments on time or at all.
Cryptocurrency Exchanges Face System Issues
Two major cryptocurrency exchanges, Coinbase and Kraken, also reported problems during this period. Both companies said their users faced delays in processing PayPal-related deposits and payments. This disruption came at a time when Bitcoin’s price saw a sharp increase, reaching more than $98,000.
PayPal offers services that allow users to buy, sell, and store cryptocurrency. During the outage, almost 9,000 users reported problems on Downdetector, a website that tracks service issues. These reports highlighted how widespread the problem was.
Technical failures are not new in the financial world. In April of last year, Robinhood, a popular trading platform, faced penalties for operational issues. Regulators in several U.S. states fined the company’s brokerage division $10.2 million. The fine followed an investigation into service problems that occurred from 2020 to 2021.
The investigation began after a major outage in March 2020 on Robinhood’s platform. Officials said this failure disrupted the activities of thousands of retail investors who were using the app to trade stocks and cryptocurrencies. This case shows how outages can affect user trust in financial services.
London Capital Group Reports 4-Day System Outage
A similar problem occurred in June when London Capital Group (LCG), owned by Flowbank, had a system failure for four days. The outage disrupted its trading platforms and other systems in both London and the Bahamas.
Afterward, London Capital Group confirmed its platforms were operational again. However, some IT-related problems remained. Customers had to use a new website to access their accounts and reset their passwords. Despite this, some users were able to continue using their existing services.
These events show why it’s important for financial platforms to have systems that run smoothly. PayPal said when services are hindered, users can’t send money or buy items, causing delays. This can frustrate users and harm their trust in the platform.
PayPal knows that system failures can cause problems for users. The company said it wants to stop these issues from happening again. It aims to improve its systems and fix small problems quickly before they turn into more difficult ones.
