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Rumors of weekly withdrawal restrictions for bitcoin are squashed by Coinbase.

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Coinbase vehemently denies the validity of rumors circulating on social media, alleging that it has imposed restrictions on Bitcoin withdrawals.

The cryptocurrency exchange, Coinbase, has come forward to debunk speculations about the enforcement of a $5,000 per week cap on Bitcoin (BTC) withdrawals. These speculations gained traction on social media when a user’s post, dated October 24, asserted that they were now bound by a policy that limited their Coinbase BTC withdrawals to a maximum of $5,000 weekly.

This post garnered significant attention, amassing over 250,000 views, along with more than 420 retweets and nearly 2,000 likes. Crypto researcher Chris Blec also took notice and inquired if anyone could substantiate these claims.

A spokesperson clarified, “Withdrawals from Coinbase are contingent on the chosen payment method for withdrawal.” Users were advised to consult Coinbase’s official account limits and withdrawal policy for more information.

It’s important to note that these unwarranted rumors about withdrawal limits coincided with a brief episode of difficulty in processing trades on Coinbase. According to Coinbase’s official status page, the exchange began experiencing these issues around 6 pm UTC on October 23. Fortunately, within an hour, they confirmed that the problem had been resolved, and the team was diligently monitoring trading activities for any lingering problems.

Coinbase’s trading delays were observed amid a flurry of market activity, as the price of Bitcoin reached heights of $35,000, a level not witnessed since May of the previous year.

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Crypto market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.