Social media posts that recently hinted at new withdrawal caps may have been fake
The Coinbase cryptocurrency exchange has denied rumors that it had assessed a $5,000-per-week maximum on Bitcoin withdrawals after a customer post on social media claiming the new limit was valid started to gain momentum. A user made the claim in an October 24 post on X (formerly Twitter), saying that he’d been a victim of the new policy that restricted his Coinbase Bitcoin withdrawals to a maximum amount of $5,000 weekly.
The post accumulated more than 250,000 views, along with over 420 retweets and almost 2,000 likes. The post was also noticed by crypto researcher Chris Blec, who then asked if someone could confirm the claim’s validity.
A Coinbase spokesperson would tell Cointelegraph that the assertions were “inaccurate” and that there’s no existing policy that limits Bitcoin withdrawals to customer cash balances.
“Withdrawing from Coinbase will be dependent on the payment method you are using to withdraw,” expressed the spokesperson, who recommended that users refer to the crypto exchange’s official guidelines on limits and withdrawals for customer accounts.
The unsubstantiated rumors about withdrawal limits started about the same time that Coinbase encountered brief difficulties processing transactions. Coinbase’s official status page shows it began experiencing trade processing problems on October 23 at about 6:00 PM UTC.
Coinbase provided an update several minutes later, saying they had resolved the problem and were actively monitoring transaction activity for any continued issues.
Coinbase experienced trading delays during a rage of activity throughout the crypto market as Bitcoin’s price swelled to as high as $35,000, which it hasn’t achieved since May 2022.