Payments firm PayPal experienced a system issue on Thursday, impacting thousands of users worldwide. The outage occurred as bitcoin, the world's largest cryptocurrency, surged to over $98,000, pulling other crypto stocks with it. PayPal enables its clients to buy, sell, and hold cryptocurrency.
The payments firm acknowledged a system issue "that may be affecting multiple products." Downdetector reported nearly 9,000 user complaints about PayPal transactions globally as of 1226 GMT. Users in the UAE also encountered problems with their payment accounts, with reports peaking around 5pm. According to Downdetector, most users faced login issues.
Exchanges Coinbase and Kraken also mentioned outages with PayPal transactions and deposit delays on their websites. PayPal did not immediately respond to a Reuters request for further comment. "Our technical teams are actively working towards resolving the issue," PayPal stated on its website.
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