Coinbase, a well-known cryptocurrency exchange, has refuted rumors circulating on social media about a purported $5,000 weekly limit on Bitcoin withdrawals. The rumors emerged when a user took to X (formerly Twitter) on October 24, claiming that they had encountered a policy capping their Bitcoin withdrawal from Coinbase at $5,000 per week.
The post quickly gained traction on social media, garnering over 250,000 views, more than 420 retweets, and nearly 2,000 likes. Crypto researcher Chris Blec also questioned the claim, asking for confirmation. However, a spokesperson from Coinbase has categorically denied these allegations, labeling them as "inaccurate." According to Coinbase, there is no policy that limits withdrawals when selling cryptocurrencies to Coinbase cash balances.
The spokesperson clarified that withdrawal limits from Coinbase depend on the payment method used for withdrawal. They also urged users to refer to Coinbase's official policies regarding account limits and withdrawals for accurate information.
It is worth noting that the rumors about withdrawal limits coincided with a brief episode of transaction processing difficulties experienced by Coinbase. According to Coinbase's official status page, the exchange encountered transaction processing issues on October 23 around 6 pm UTC. In less than an hour, Coinbase reported that the issue had been resolved and that they were actively monitoring trading activity to ensure there were no lingering problems.
These trading delays occurred during a period of heightened market activity, with Bitcoin prices surging to $35,000, reaching their highest level since May of the previous year. Despite these challenges, Coinbase continues to be one of the prominent players in the cryptocurrency exchange industry.
