In response to recent social media speculation, Coinbase, the prominent crypto exchange, has categorically denied implementing a $5,000-per-week limit on Bitcoin withdrawals. The rumors originated from a user’s post on X (formerly Twitter), alleging the imposition of withdrawal restrictions.
Social Media Frenzy: The Viral Claim
On October 24, a post on X garnered significant attention, asserting that a user had encountered a policy limiting Bitcoin withdrawals from Coinbase to a maximum of $5,000 weekly. The post quickly gained traction, accumulating over 250,000 views, 420 retweets, and almost 2,000 likes. Notably, crypto researcher Chris Blec also joined the conversation, seeking verification of the claims.
Coinbase’s Response: Debunking the Inaccuracies
Contrary to the circulating rumors, a Coinbase spokesperson rebuffed the allegations, stating that they were “inaccurate.” The spokesperson clarified that no such policy restricting withdrawals existed, especially when converting assets to Coinbase cash balances.
Emphasizing the dependence of withdrawal limits on the chosen payment method, the spokesperson advised users to refer to Coinbase’s official policy on account limits and withdrawals.
Timing and Technical Hiccups
Coinciding with these unverified claims, Coinbase encountered temporary difficulties in processing trades. According to the official status page, trading disruptions surfaced around 6 pm UTC on October 23. Within an hour, Coinbase resolved the issue and assured users that the team was vigilantly monitoring trading activities for any persisting problems.
Market Dynamics Amidst a Bitcoin Surge
These trading delays unfolded amidst a market frenzy, with Bitcoin’s price surging to $35,000—a level not witnessed since May of the previous year. The heightened trading activity added an additional layer of complexity to Coinbase’s operations during this period.