Rumors swirled around social media after an October 24 post on X (formerly known as Twitter) claimed that a user had encountered a purported policy restricting Bitcoin (BTC) withdrawals from Coinbase to a maximum threshold of $5,000 per week.
This post garnered significant attention, amassing over 250,000 views, with more than 420 retweets and nearly 2,000 likes. The claim also piqued the curiosity of cryptocurrency researcher Chris Blec, who sought to verify its accuracy.
Nevertheless, a spokesperson representing Coinbase refuted these claims, categorizing them as “inaccurate.” According to Coinbase, there is no such policy in place that limits withdrawals when converting assets to Coinbase cash balances.
The spokesperson clarified, “Withdrawals from Coinbase are subject to the payment method you choose for withdrawal.” They recommended that users refer to the official account limits and withdrawal policy on the cryptocurrency exchange’s platform.
These baseless rumors concerning withdrawal limits coincided with a temporary disruption in Coinbase’s ability to process trades.
As per Coinbase’s official status page, the cryptocurrency exchange began encountering difficulties in processing trades at approximately 6 pm UTC on October 23. Less than an hour later, the exchange provided an update, confirming that the issue had been resolved, and the team was actively monitoring trading activity for any potential lingering problems.
The trading delays on Coinbase transpired during a period of heightened trading activity across the market. This was driven by Bitcoin’s price surging to as high as $35,000, a level not witnessed since May of the previous year.
