Crypto trade Coinbase has refuted rumors that it had imposed a $5,000-per-week restrict on Bitcoin (BTC) withdrawals after a consumer’s put up claiming as such gained traction on social media.
An Oct. 24 put up from a consumer 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 per week.
The put up gained over 250,000 views, with greater than 420 retweets and almost 2,000 likes. The put up additionally gained the attention of crypto researcher Chris Blec, who requested if anybody may 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
Nonetheless, a spokesperson from Coinbase instructed Cointelegraph that these claims had been “inaccurate” and that no such coverage existed that restricted withdrawals when promoting to Coinbase money balances.
“Withdrawing from Coinbase shall be depending on the fee methodology you might be utilizing to withdraw,” mentioned the spokesperson, who urged that customers seek the advice of the crypto trade’s official policy on account limits and withdrawals.
The unfounded rumors of withdrawal limits got here across the identical time that Coinbase skilled transient issue processing trades.
Based on Coinbase’s official standing page, the crypto trade started experiencing difficulties processing trades round 6 pm UTC on Oct. 23.
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Lower than an hour later, the trade supplied an replace saying that the difficulty had been mounted and the staff 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 value of Bitcoin surged as high as $35,000 — a degree not seen since Might final 12 months.
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