Coinbase Drops Rumors of Weekly Withdrawal Limits on Bitcoin
Crypto exchange Coinbase has denied rumors that it has imposed a $5,000 per week limit on Bitcoin (BTC) withdrawals after a user's post gained traction on social media.
An Oct. 24 post from a user on X (formerly Twitter) said he was hit by a policy that limits withdrawals of BTC from Coinbase to $5,000 per week.
The post has received over 250,000 views, over 420 retweets and almost 2,000 likes. The post also caught the attention of crypto researcher Chris Blake, who asked if anyone could verify the claim.
. @Coinbase is limiting bitcoin funds. I tried to send BTC from Coinbase to my cold wallet, and I encountered a new $5k/weekly withdrawal limit policy (applied on 10/13). I have been a Coinbase customer for 10 years. GET YOUR BITCOIN DISCOUNT FROM CHANGE!!!!
— Colin Brown (@thecolinbrown) October 23, 2023
However, a Coinbase spokesperson told Cointelegraph that these claims are “not true” and that there is no such policy restriction when selling Coinbase cash.
“Withdrawing from Coinbase depends on the payment method you use to withdraw,” the spokesperson said, suggesting users consult the crypto exchange's official policy regarding account limits and withdrawals.
The unfounded rumors of release limits came at the same time Coinbase experienced short trades.
According to Coinbase's official status page, the crypto exchange began experiencing problems processing transactions on October 23 around 6 p.m. UTC.
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Less than an hour later, the exchange reported that the issue had been resolved and that the team was monitoring trading activity for any ongoing issues.
The trading delays on Coinbase came amid a frenzy of trading activity in the market, as the price of Bitcoin soared as high as $35,000 – a level not seen since May of last year.
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