Coinbase, the world’s leading cryptocurrency exchange has been in the news for putting a limit to the Bitcoin (BTC) withdrawal, $5000 per week. When Coinbase administration came to know about these circulating rumours, they refuted the rumour of putting a limit on BTC withdrawal. Coinbase rejected the circulating rumours and assured the customers about the persistence of the existing deposit and withdrawal policies.
Viral Rumor on Twitter
On the 24th of October, an X (formerly Twitter) user shared a post that he had to face a BTC withdrawal limit upon withdrawing Bitcoin (BTC) from his Coinbase account. He claimed that the threshold given for BTC withdrawal was $5000 on the Coinbase crypto exchange.
. @Coinbase is limiting bitcoin withdrawls. I just tried to send BTC from Coinbase to my cold wallet, and encountered a NEW $5k/wk withdrawl limit policy (implemented 10/13). I've been a Coinbase customer for 10 years. GET YOUR BITCOIN OFF EXCHANGES!!!!— Colin Brown (@thecolinbrown) October 23, 2023
In a short time span, that tweet went viral reached more than 250,000 views and was retweeted 420 times. This tweet got the attention of many crypto giants and prominent crypto researchers like Chris Blec, who also asked for the verification of the rumoured news.
Coinbase Responds and Refutes the Rumors about BTC Withdrawal Limits
The spokesperson of Coinbase responded to the viral post and assured the media that there was no truth in the viral tweet. He said that Coinbase has neither amended the withdrawal policy nor put any limit on it. However, the user might be confused because the deposit and withdrawal entirely depend on the payment method you adopt.
This viral rumour circulated in the market while Coinbase was facing difficulty in the trading process for a brief time. This rumour further defamed the exchange’s policy upon which Coinbase responded and refuted the news about limiting the BTC withdrawal.
Coinbase mentioned on its official page on the 23rd of October 2023 about facing a delay in the trading process for a brief time. During that, the customer might have faced the problem upon withdrawing. The Issue was resolved immediately and Coinbase refuted the rumor of putting a limit on BTC withdrawal.
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