Crypto trade Coinbase has refuted rumors that it had imposed a $5,000-per-week restrict on Bitcoin (BTC) withdrawals after a person’s publish claiming as such gained traction on social media.
An Oct. 24 publish 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 per week.
The publish gained over 250,000 views, with greater than 420 retweets and practically 2,000 likes. The publish 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 (applied 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 have been “inaccurate” and that no such coverage existed that restricted withdrawals when promoting to Coinbase money balances.
“Withdrawing from Coinbase will likely be depending on the fee technique you might be utilizing to withdraw,” stated the spokesperson, who prompt that customers seek the advice of the crypto trade’s official coverage on account limits and withdrawals.
The unfounded rumors of withdrawal limits got here across the identical time that Coinbase skilled transient problem processing trades.
Based on Coinbase’s official standing web 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 fastened and the workforce 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 excessive as $35,000 — a stage not seen since Might final 12 months.
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