Crypto trade Coinbase has refuted rumors that it had imposed a $5,000-per-week restrict on Bitcoin (BTC) withdrawals after a person’s submit claiming as such won traction on social media.

An Oct. 24 submit from a person on X (previously Twitter) claimed that he’d been hit with a purported coverage that limited his withdrawals of BTC from Coinbase to a most threshold of $5,000 every week.

The submit won over 250,000 perspectives, with greater than 420 retweets and just about 2,000 likes. The submit additionally won the consideration of crypto researcher Chris Blec, who requested if any person may just examine the declare being made.

. @Coinbase is proscribing bitcoin withdrawls. I simply attempted to ship BTC from Coinbase to my chilly pockets, and encountered a NEW $5k/wk withdrawl restrict coverage (carried out 10/13). I have been a Coinbase buyer for 10 years. GET YOUR BITCOIN OFF EXCHANGES!!!!

— Colin Brown (@thecolinbrown) October 23, 2023

Alternatively, a spokesperson from Coinbase informed Cointelegraph that those claims had been “faulty” and that no such coverage existed that restricted withdrawals when promoting to Coinbase money balances.

“Taking flight from Coinbase can be dependent at the cost way you’re the use of to withdraw,” mentioned the spokesperson, who instructed that customers seek the advice of the crypto trade’s reliable coverage on account limits and withdrawals.

The unfounded rumors of withdrawal limits came over the similar time that Coinbase skilled transient issue processing trades.

In line with Coinbase’s reliable standing web page, the crypto trade started experiencing difficulties processing trades round 6 pm UTC on Oct. 23.

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Not up to an hour later, the trade equipped an replace pronouncing that the problem were fastened and the workforce was once tracking buying and selling job for any ongoing problems.

The buying and selling delays on Coinbase took place amid a frenzy of buying and selling job all over the marketplace, as the cost of Bitcoin surged as top as $35,000 — a degree no longer noticed since Might ultimate yr.

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