Crypto exchange Coinbase has refuted rumors 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 Oct. 24 post from a user on X (formerly Twitter) claimed that he’d been hit with a purported policy that restricted his withdrawals of Bitcoin from Coinbase to a maximum threshold of $5,000 a week.
The post gained over 250,000 views, with more than 420 retweets and nearly 2,000 likes. The post also gained attention of crypto researcher Chris Blec, who asked if anyone could verify the claim being made.
. @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
However, a spokesperson from Coinbase told Cointelegraph that these claims were “inaccurate” and that no such policy existed that limited withdrawals when selling to Coinbase cash balance.
“Withdrawing from Coinbase will be dependent on the payment method you are using to withdraw,” said the spokesperson, and suggested that users consult the crypto exchange’s official policy on account limits and withdrawals.
The unfounded rumors of withdrawal limits came around the same time that Coinbase experienced brief difficulty in processing trades.
According to Coinbase’s official status page, the crypto exchange began experiencing difficulties processing trades around 6pm UTC Oct. 23.
Related: Base network launches 8-week training course for blockchain developers
Less than an hour later, the exchange provided an update saying that the issue had been fixed and the team were monitoring trading activity for any ongoing issues.
The trading delays on Coinbase occurred amid a frenzy of trading activity throughout the market, as the price of Bitcoin (BTC) surged as high as $35,000 — a level not seen since May last year.
Magazine: How to protect your crypto in a volatile market — Bitcoin OGs and experts weigh in
