Coinbase Rumor Clarification

Martin Walker
Oct 24, 2023 at 12:33 pm

Coinbase, the renowned cryptocurrency exchange platform, has categorically refuted and dispelled the unsubstantiated rumors circulating within the crypto community. These rumors suggested that Coinbase had, in an unprecedented move, imposed a seemingly arbitrary and perplexing limit of $5,000 per week on withdrawals of Bitcoin (BTC). These murmurs gained significant momentum and widespread attention through the ever-active channels of social media.

Notably, on the 24th of October, a user on X (formerly known as Twitter) took to the digital stage to voice their claim that their ability to withdraw BTC from Coinbase had been surprisingly and drastically restricted to a mere maximum of $5,000 per week. This seemingly unexpected policy shift sparked an immediate and fervent response from the cryptocurrency community. The post generated an impressive 250,000 views, received over 420 retweets, and accumulated nearly 2,000 likes. Furthermore, it even piqued the curiosity of the well-known cryptocurrency researcher, Chris Blec, who inquired if there was any corroborative evidence to substantiate these claims.

In a swift response, a representative from Coinbase took a firm stance, confidently asserting that these claims held no validity and were, in fact, entirely "inaccurate." To provide greater clarity, the representative made it abundantly clear that Coinbase had not implemented any such policy that limited withdrawals, especially when converting cryptocurrencies into Coinbase's cash balances.

The Coinbase spokesperson also underscored that the withdrawal process was intricately tied to the chosen payment method. For a deeper understanding of these procedures, users were encouraged to peruse the official account limits and withdrawals policy available on the exchange's official website.

Coincidentally, these groundless speculations about withdrawal restrictions surfaced at a juncture when Coinbase grappled with transient issues concerning the smooth processing of cryptocurrency trades.

According to the detailed information posted on Coinbase's official status page, the cryptocurrency exchange began encountering these challenges at approximately 6 pm UTC on the 23rd of October. 

In less than an hour, the diligent team at Coinbase had diligently resolved the issue and diligently continued to monitor the unfolding trading activities.

Coinbase trading suffered difficulties for nearly an hour on Oct. 23. Source: CoinbaseCoinbase trading suffered difficulties for nearly an hour on Oct. 23. Source: Coinbase

It is important to note that these trading delays on Coinbase unfolded amidst a fervent surge of trading activity across the broader cryptocurrency market. During this period, the price of Bitcoin soared to heights as impressive as $35,000, marking a significant milestone that had not been witnessed since May of the preceding year.

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