Coinbase Debunks Rumors of $5,000 Weekly Bitcoin Withdrawal Limit Amid Trading Disruptions
Summary:
Coinbase has dismissed rumors suggesting they implemented a $5,000 weekly Bitcoin withdrawal limit. The rumor spread via a social media post and gained traction, but a representative from the crypto exchange clarified that there's no fixed withdrawal limit when selling to the Coinbase cash balance and withdrawal options are dependent on the users' selected payment method. The representative also advised users to check Coinbase's official policy for accurate information. The rumor emerged around the same time Coinbase experienced temporary disruptions in trade processing.
Contrary to circulating online speculations, cryptocurrency platform Coinbase denies enforcing a ceiling of $5,000 weekly on Bitcoin (BTC) withdrawals. An anonymous post dated October 24 on social platform X (previously known as Twitter) had stated that the user was restricted to a $5,000 weekly withdrawal from Coinbase. Garnering over a quarter million views, the post was retweeted more than 420 times and liked nearly 2,000 times. Cryptocurrency analyst, Chris Blec, spurred more attention by asking for verification of the assertion. Nonetheless, a representative of Coinbase dismissed these allegations as false to Cointelegraph, emphasizing that there is no set withdrawal limit on sales to Coinbase cash balance, and withdrawal options depend on chosen payment methods. Coinbase advised its users to refer to their official account limit and withdrawal policy for accurate information. The unfounded withdrawal limit rumor surfaced simultaneously as Coinbase admitted to brief disruptions in trade processing. The official status page of Coinbase disclosed that such disruptions commenced at 6pm UTC on October 23. However, an update less than an hour later confirmed the resolution of the issue, with the team actively monitoring any potential problems during trading activities. Coinciding with this spike in trading activities was a surge in Bitcoin's (BTC) value, which peaked at $35,000, last seen a year ago.
Published At
10/24/2023 5:48:29 AM
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