An outage at the Fed leaves multiple crypto exchanges unable to settle

An outage at the Federal Reserve is creating settlement issues for many financial institutions and exchanges. The Fed's service status page shows that most of its services are currently down, including its settlement network.

The central bank itself and its messaging system, FedMail, are both still available, according to the outage page. The Fed's Automated Clearing House (ACH) payment system and FedWire Funds, the real-time settlement network that connects U.S. banks, are down among other key services.


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This is creating problems for a number of crypto exchanges. Gemini, Kraken and Coinbase are all experiencing ACH and FedWire delays. 

A status list on the Fed's website shows most offerings listed as experiencing "service disruptions."


About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.