Coinbase hoses down rumors of weekly withdrawal limits on Bitcoin

Adelas Adela

Coinbase hoses down rumors:  Crypto exchange Coinbase has denied rumors of imposing a $5,000-per-week limit on Bitcoin withdrawals, refuting a user’s claim that gained traction on social media. The post, which garnered significant attention, alleged that Coinbase had implemented a new withdrawal policy. However, a spokesperson from Coinbase clarified that these claims were inaccurate and that there were no such limitations on withdrawals. The rumors coincided with a brief period of trading difficulties experienced by Coinbase. Despite the temporary setback, the market saw a surge in Bitcoin’s price, reaching levels not seen since last year.

Coinbase Refutes Rumors of $5,000-per-Week Bitcoin Withdrawal Limit

Coinbase hoses down rumors
Coinbase hoses down rumors

Crypto exchange Coinbase has recently addressed and dismissed rumors circulating on social media regarding the implementation of a $5,000-per-week limit on Bitcoin (BTC) withdrawals. These rumors originated from a post on X (formerly Twitter) where a user claimed to have encountered this withdrawal restriction. The post gained significant attention, with numerous views, retweets, and likes, prompting further investigation into the matter.

Background

On October 24, a user on X raised concerns about a new policy allegedly imposed by Coinbase, which limited BTC withdrawals to a maximum threshold of $5,000 per week. The post quickly gained traction, drawing the attention of crypto researcher Chris Blec, who sought verification of the claim. The user expressed frustration, emphasizing their long-standing tenure as a Coinbase customer and urging others to move their Bitcoin off exchanges.

Coinbase Denies the Existence of Withdrawal Limit

In response to the circulating rumors, a spokesperson from Coinbase clarified that these claims were inaccurate and that no such policy restricting withdrawals existed when selling to Coinbase cash balances. The spokesperson emphasized that the withdrawal process is dependent on the chosen payment method and advised users to consult Coinbase’s official policy on account limits and withdrawals for accurate information. It is important to rely on verified sources to avoid misunderstandings and false information.

Coinbase Experiences Temporary Trading Difficulties

During the same period when the rumors of withdrawal limits surfaced, Coinbase encountered temporary difficulties in processing trades. According to Coinbase’s official status page, the exchange experienced challenges in trade processing around 6 pm UTC on October 23. However, within an hour, the issue was resolved, and the Coinbase team continued to monitor trading activity for any potential ongoing problems. These trading delays coincided with a surge in market activity, with the price of Bitcoin reaching levels not seen since May of the previous year.

It is crucial for users and traders to stay informed about the latest developments and rely on accurate information from reliable sources. Coinbase’s prompt response to address the rumors and resolve the temporary trading difficulties demonstrates their commitment to providing a smooth and secure trading experience for their customers.

Coinbase, a popular cryptocurrency exchange, has denied rumors of imposing a $5,000-per-week limit on Bitcoin withdrawals. The rumors gained traction on social media after a user claimed to have encountered the alleged policy. However, a spokesperson from Coinbase clarified that these claims were inaccurate and that there was no such withdrawal limit. The exchange also experienced temporary difficulties processing trades around the same time, but the issue was quickly resolved. As the cryptocurrency market continues to see increased trading activity, it’s important to stay informed and protect your investments.

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