Coinbase, a well-known cryptocurrency exchange, has swiftly dispelled rumors regarding the imposition of a $5,000 weekly Bitcoin withdrawal cap. The clarification comes in response to a post on X, previously known as Twitter, that gained significant attention on social media.
On October 24, a user on X made a post claiming that Coinbase had implemented a new policy restricting Bitcoin withdrawals to a maximum of $5,000 per week. The post quickly went viral, amassing over 250,000 views and garnering nearly 2,000 likes and over 420 shares.
Among those who noticed this intriguing allegation was Chris Blec, a prominent figure in the cryptocurrency research community. Chris Blec expressed interest in verifying the claim, prompting a prompt response from a Coinbase spokesperson. Speaking to Cointelegraph, the representative clarified that the limitations mentioned in the post did not align with Coinbase’s standard practices. They emphasized that withdrawal limits on Coinbase are typically linked to the user’s chosen payment method. Users were encouraged to consult Coinbase’s official policy for precise information regarding account restrictions and withdrawals.
Adding to the narrative, around the same time these rumors were circulating, Coinbase encountered a temporary issue with its trade processing operations. According to Coinbase’s official status update, trading disruptions were reported on October 23. However, the exchange swiftly addressed the matter, resolving the glitch within an hour. They also assured their user base that their team was actively monitoring trading activities for any lingering issues.
This minor hiccup for Coinbase coincided with a vibrant period of trading activity in the cryptocurrency space. Notably, the value of Bitcoin surged, reaching an impressive milestone of $35,000, a level it hadn’t touched since the previous May.
Furthermore, industry experts stress the importance of transparency in addressing such claims, which helps bolster trust within the cryptocurrency community. Maintaining open lines of communication between exchanges and users is essential in this dynamic and ever-evolving landscape. Preventing misinformation from causing unnecessary panic is crucial for both novice and experienced traders alike.
