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Coinbase hoses down rumors of weekly withdrawal limits on Bitcoin

October 24, 2023No Comments

Cryptocurrency exchange Coinbase has refuted rumors that it had imposed a $5,000 per week limit on Bitcoin (btc) withdrawals after a user's post claiming as such gained traction on social media.

An October 24 post by a user on X (formerly Twitter) claimed that he had been affected by an alleged policy that restricted his BTC withdrawals from Coinbase to a maximum threshold of $5,000 per week.

The publication obtained more than 250,000 views, with more than 420 retweets and almost 2,000 likes. The position also obtained the attention from crypto researcher Chris Blec, who asked if anyone could verify the claim.

However, a Coinbase spokesperson told Cointelegraph that these claims were "inaccurate" and that there was no policy limiting withdrawals when selling Coinbase cash balances.

โ€œWithdrawing from Coinbase will depend on the payment method you are using to withdraw,โ€ said the spokesperson, who suggested that users consult the crypto exchange official. policy about account limits and withdrawals.

Unfounded rumors about withdrawal limits emerged around the same time Coinbase experienced brief difficulties processing trades.

According to the official status of Coinbase pageThe crypto exchange began experiencing difficulties processing transactions around 6 pm UTC on October 23.

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Less than an hour later, the exchange provided an update saying that the issue had been fixed and that the team was monitoring trading activity for any ongoing issues.

Coinbase trading suffered difficulties for almost an hour on October 23. Source: Coinbase

The trading delays at Coinbase came amid a flurry of trading activity across the market, as the price of Bitcoin rose up to $35,000 โ€“ a level not seen since May of last year.

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