- Coinbase has categorically denied the rumors spreading on social media, asserting that they have not imposed a $5,000 weekly withdrawal limit on Bitcoin.
- The clarification from Coinbase came at a time when the platform experienced temporary trading difficulties, while the broader market saw a significant surge in Bitcoin’s price.
In the volatile world of cryptocurrency, clarity and accuracy are paramount. Coinbase, one of the leading cryptocurrency exchanges, has found itself at the center of a social media storm, following a user’s claim on October 24th that the platform had implemented a $5,000 weekly withdrawal limit on Bitcoin. The post quickly caught fire, gaining over 250,000 views and numerous engagements, sparking widespread speculation.
. @Coinbase is limiting bitcoin withdrawls. I just tried to send BTC from Coinbase to my cold wallet, and encountered a NEW $5k/wk withdrawl limit policy (implemented 10/13). I've been a Coinbase customer for 10 years. GET YOUR BITCOIN OFF EXCHANGES!!!!
— Colin Brown (@thecolinbrown) October 23, 2023
Coinbase Speaks Out
In response to the rapid dissemination of these claims, a spokesperson from Coinbase has stepped forward to set the record straight. They emphatically stated that the allegations circulating on social media were
and assured users that no such withdrawal limit policy was in place when converting to Coinbase cash balances.
“Withdrawing from Coinbase is contingent upon the payment method in use,”
the spokesperson explained, directing users to consult the exchange’s official documentation on account limits and withdrawal policies for accurate and reliable information.
This timely intervention by Coinbase comes as the platform faced momentary difficulties in processing trades. According to the official status page of Coinbase, these trading issues emerged around 6 pm UTC on October 23rd. Within an hour, the technical team had resolved the issues, diligently monitoring the platform to prevent any further complications.
Market Frenzy and Clarification
Coinbase’s trading hiccup occurred amidst a flurry of activity across the cryptocurrency market. Bitcoin, in particular, saw its price skyrocket to $35,000, a price point it had not reached since May of the previous year. This frenzy of trading activity only served to heighten the attention on the circulating rumors, making Coinbase’s clarification all the more vital.
In dispelling these rumors, Coinbase has demonstrated its commitment to transparency and user empowerment, ensuring that participants in the cryptocurrency space have access to accurate and reliable information, crucial for navigating the complexities of digital asset trading.