Coinbase has addressed the rumors about imposing Bitcoin withdrawal limits on social media, emphasizing their inaccuracy. Coinbase, the crypto exchange, has refuted rumors circulating on social media about setting a $5,000-per-week limit on Bitcoin withdrawals. These rumors gained traction after a user’s post claimed such restrictions were in place.
A user on X (previously known as Twitter) claimed in a post dated October 24 that they had encountered a policy limiting their BTC withdrawals from Coinbase. This restriction imposed a weekly maximum threshold of $5,000.
The post garnered over 250,000 views, more than 420 retweets, and nearly 2,000 likes. Additionally, crypto researcher Chris Blec took notice of the center’s claim and inquired about its verification.
. @Coinbase is limiting bitcoin withdrawls. I just tried to send BTC from Coinbase to my cold wallet, and encountered a NEW $5k/wk withdrawl limit policy (implemented 10/13). I've been a Coinbase customer for 10 years. GET YOUR BITCOIN OFF EXCHANGES!!!!
— Colin Brown (@thecolinbrown) October 23, 2023
A spokesperson representing Coinbase contradicted these allegations, stating that they were “inaccurate” and clarifying the absence of any withdrawal restrictions specifically tied to selling assets for Coinbase cash balances.
Coinbase Withdrawal Rumors & Trading Challenges
The spokesperson recommended checking Coinbase’s official policy on account limits and withdrawals. This helps users determine withdrawal options for their chosen payment method.
The unfounded rumors of withdrawal limits came around. Coinbase experienced difficulty processing trades. Coinbase’s official status page reported that the crypto exchange encountered trading issues starting at approximately 6 pm UTC on October 23.
The exchange provided an update less than an hour late. They confirmed the resolution of the issue. They assured their team that they diligently monitored trading activity for potential complications.
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The trading delays on Coinbase occurred amidst a frenzy of market activity. During this time, the price of Bitcoin skyrocketed to as high as $35,000, a level that hasn’t been seen since May of last year.