Coinbase said it has restored trading across its exchange after suspending order matching and temporarily restricting trading functions during hours of disruption that pushed markets into a sequence of “Cancel Only” and auction modes.
The exchange's support team first acknowledged the issue in an X post on Friday, saying customers "may be experiencing degraded performance" due to an AWS outage. In a follow-up update, the company said the disruption was tied to a "broader AWS outage" and that it was "working to restore full service."
According to the exchange's live status page, the disruption initially affected two networks. Users experienced delayed sends and receives for ALEO and Solana beginning at 21:00 ET on May 7. Coinbase stated that buys, sells, and fiat withdrawals and deposits remained unaffected for both networks during that period.
Hours later, Coinbase escalated the incident to "degraded performance," stating that customers "may be unable to transact on web and mobile at this time." The company later attributed the disruption to "increased temperatures" in AWS Availability Zone use1-az4 within the US-EAST-1 region.
As part of its recovery process, Coinbase said all markets would first move into "Cancel Only" mode before trading resumed. During that phase, all resting orders remained cancelable while market and limit orders were not accepted.
The exchange later transitioned markets into auction mode. Coinbase said customers would be able to post limit orders and view indicative opening prices, while no order matching would occur for a minimum of 10 minutes. Crossed orders would then be matched at the opening price once the auction concluded.
In its latest update, Coinbase Support announced on X that all markets have been re-enabled for trading on Coinbase Exchange.
The disruption comes days after Coinbase disclosed a 14% workforce reduction as the company restructures operations around AI-focused systems and cost controls amid weaker market conditions.
Shares of Coinbase were down 2.53% in pre-market trading on Friday, according to The Block's COIN price page.