Cryptocurrency exchange Coinbase on Sunday suffered a snag, which prevented transactions from user accounts based in the United States from getting processed.

The company stated that the problem had been identified and was being resolved.

"At this time, we are unable to accept payments from or process withdrawals from US bank accounts. Our staff is aware of this problem and is attempting to restore everything to normal as quickly as possible," the company stated in a statement.

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An hour later, Coinbase stated that the issue was identified, and a fix was being implemented to restart the transactions.

To make direct purchases, Coinbase users could use their debit cards or PayPal accounts until the issue was resolved, the company stated.