Coinbase hoses down rumors of weekly withdrawal limits on Bitcoin

Crypto change Coinbase has refuted rumors that it had imposed a $5,000-per-week restrict on Bitcoin (BTC) withdrawals after a person’s submit claiming as such gained traction on social media.

An Oct. 24 submit from a person on X (previously Twitter) claimed that he’d been hit with a purported coverage that restricted his withdrawals of BTC from Coinbase to a most threshold of $5,000 every week.

The submit gained over 250,000 views, with greater than 420 retweets and almost 2,000 likes. The submit additionally gained the attention of crypto researcher Chris Blec, who requested if anybody might confirm the declare being made.

. @Coinbase is limiting bitcoin withdrawls. I simply tried to ship BTC from Coinbase to my chilly pockets, and encountered a NEW $5k/wk withdrawl restrict coverage (carried out 10/13). I have been a Coinbase buyer for 10 years. GET YOUR BITCOIN OFF EXCHANGES!!!!

— Colin Brown (@thecolinbrown) October 23, 2023

Nevertheless, a spokesperson from Coinbase instructed Cointelegraph that these claims have been “inaccurate” and that no such coverage existed that restricted withdrawals when promoting to Coinbase money balances.

“Withdrawing from Coinbase will probably be dependent on the fee technique you might be utilizing to withdraw,” mentioned the spokesperson, who recommended that customers seek the advice of the crypto change’s official policy on account limits and withdrawals.

The unfounded rumors of withdrawal limits got here across the identical time that Coinbase skilled temporary issue processing trades.

In accordance with Coinbase’s official standing page, the crypto change started experiencing difficulties processing trades round 6 pm UTC on Oct. 23.

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Lower than an hour later, the change supplied an replace saying that the difficulty had been fastened and the group was monitoring buying and selling exercise for any ongoing points.

The buying and selling delays on Coinbase occurred amid a frenzy of buying and selling exercise all through the market, as the worth of Bitcoin surged as high as $35,000 — a stage not seen since Might final 12 months.

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