Outage at the Fed Delays Bank Wire Transfers, Affecting Crypto Exchanges

Cryptocurrency exchanges Gemini and Kraken reported delays in automated clearing house and FedWire transactions due to the outage.

AccessTimeIconFeb 24, 2021 at 7:08 p.m. UTC
Updated Sep 14, 2021 at 12:16 p.m. UTC
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
Consensus 2023 Logo
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.

The U.S. Federal Reserve’s payments network for sending wires and settling those transactions in real time is down, according to frbservices.org

“A Federal Reserve operational error resulted in disruption of service in several business lines,” said Richmond Fed spokesman Jim Strader. “We are restoring services and are communicating with all Federal Reserve Financial Services customers about the status of operations.”

In the post on Wednesday, the central bank said its investigating service disruption to Fedwire, FedACH, and national settlement. 

As a result, cryptocurrency exchanges like Gemini, Kraken and possibly Coinbase are seeing delays in Fedwire and automated clearing house (ACH) transactions. 

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.