Crypto exchange Coinbase has denied claims of imposing a $5,000-per-week limit on Bitcoin (BTC) withdrawals, after a user's post on social media gained traction.
Rumors Spur Social Media Attention
An Oct. 24 post on X (formerly Twitter) alleged that Coinbase had implemented a policy restricting BTC withdrawals to a maximum of $5,000 per week. The post received over 250,000 views, with more than 420 retweets and nearly 2,000 likes. Crypto researcher Chris Blec also questioned the validity of the claim.
Coinbase Denies Withdrawal Limits
However, Coinbase swiftly responded to the rumors, describing them as "inaccurate." A spokesperson from the exchange clarified that there was no policy in place that limited withdrawals when selling to Coinbase cash balances. The spokesperson advised users to refer to Coinbase's official policy on account limits and withdrawals for further information.
Trading Delays Amidst Market Frenzy
The rumors of withdrawal limits coincided with brief difficulties in processing trades on Coinbase. According to the exchange's official status page, trading issues were experienced from around 6 pm UTC on Oct. 23. The problem was resolved within an hour, and the Coinbase team continued to monitor trading activity for any ongoing issues.
The trading delays occurred during a period of intense market activity, as the price of Bitcoin soared to as high as $35,000 — a level not seen since May last year.
