Cryptocurrency exchange Coinbase refutes rumors that it has imposed a weekly limit of $5,000 on Bitcoin (BTC) withdrawals after a user’s post claiming to do so gained attention on social media. did.
An October 24th post from a user on X (formerly Twitter) claimed to have been subject to a purported policy that limits BTC withdrawals from Coinbase to a maximum of $5,000 per week.
The post has been viewed more than 250,000 times, received more than 420 retweets and nearly 2,000 likes. This post also Note Cryptographer Chris Breck asked if anyone could verify the claims being made.
. @Coinbase Bitcoin withdrawals are restricted. When trying to send her BTC from Coinbase to her cold wallet, her new boyfriend ran into a $5,000/week withdrawal limit policy (implemented on 10/13). I have been a Coinbase customer of hers for 10 years. Get Bitcoin from exchanges!!!
— Colin Brown (@thecolinbrown) October 23, 2023
However, a Coinbase spokesperson told Cointelegraph that these claims are “inaccurate” and that there is no policy in place to restrict withdrawals on sale to Coinbase cash balances.
“Withdrawing money from Coinbase depends on the payment method you use to make the withdrawal,” the spokesperson said, suggesting users speak to a representative at the cryptocurrency exchange. policy About account limits and withdrawals.
The unsubstantiated rumors about withdrawal limits occurred around the same time that Coinbase experienced temporary difficulties processing transactions.
According to the official status of Coinbase pagethe cryptocurrency exchange began experiencing difficulties processing transactions around 6:00 pm (UTC) on October 23rd.
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Less than an hour later, the exchange provided an update saying the issue had been fixed and that it was monitoring trading activity for ongoing issues.
The trading delays on Coinbase come amid a frenzy of trading activity across the market as Bitcoin prices soared to $35,000, a level not seen since May of last year.
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