Share this article
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.
Updated Sep 14, 2021, 12:16 p.m. Published Feb 24, 2021, 7:08 p.m.
The U.S. Federal Reserve’s payments network for sending wires and settling those transactions in real time is down, according to frbservices.org.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“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.
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin Treads Water Near $90K as Bitfinex Warns of 'Fragile Setup' to Shocks
BTC's relative weakness compared to stocks points to tepid spot demand, making the largest crypto vulnerable to macro volatility, Bitfinex analysts said.
What to know:
- Bitcoin erased very modest overnight gains early Monday and spent the rest of the U.S. session in a tight range around the $90,000 level.
- Rising long bond yields and a small U.S. equities pulling back weighed on risk appetite as traders eye this week's Federal Reserve meeting.
- Bitfinex analysts pointed out bitcoin's relative weakness against U.S. stocks amid modest spot demand and structural softness.
Top Stories
