Payments firm PayPal (PYPL.O) announced it had resolved a global outage that disrupted services for nearly two hours today (Thursday). The issue began at 1053 GMT.

It affected multiple PayPal products, including account withdrawals, the Venmo peer-to-peer payment service, online checkout, and cryptocurrency services. By 1259 GMT, PayPal confirmed that the issue had been resolved.

PayPal Outage Disrupts Crypto Services

During the outage, crypto exchanges Coinbase and Kraken reported issues, including delays with PayPal transactions and deposits. The disruption coincided with a surge in bitcoin’s price, which reached over $98,000.

PayPal is currently experiencing a major outage impacting multiple products & site features. 🚨#Paypaldown pic.twitter.com/AJO7TRXiei

— Liz Morton ~ Value Added Resource (@ValueAddedRS) November 21, 2024

PayPal enables users to buy, sell, and hold cryptocurrency. According to Downdetector, there were almost 9,000 user reports of problems by 1226 GMT.