Crypto trade Coinbase has refuted rumors that it had imposed a $5,000-per-week restrict on Bitcoin (BTC) withdrawals after a person’s put up claiming as such gained traction on social media.
An Oct. 24 put up 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 every 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 might 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’ve been a Coinbase buyer for 10 years. GET YOUR BITCOIN OFF EXCHANGES!!!!
— Colin Brown (@thecolinbrown) October 23, 2023
However, a spokesperson from Coinbase advised 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 will be dependent on the payment method you are using 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 temporary problem processing trades.
According to Coinbase’s official standing page, the crypto trade started experiencing difficulties processing trades round 6 pm UTC on Oct. 23.
Less than an hour later, the trade supplied an replace saying that the problem 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 stage not seen since May final 12 months.