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.

Feb 24, 2021 at 7:08 p.m. UTC
Updated Sep 14, 2021 at 12:16 p.m. UTC

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. 

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