Investing in Web 3.0? Coinbase Hoses Down Rumors of Weekly Withdrawal Limits on Bitcoin

Coinbase Refutes Rumors of $5,000 Per Week Bitcoin Withdrawal Limit

Crypto exchange Coinbase has denied reports claiming that the platform had put a cap of $5,000 per week on Bitcoin (BTC) withdrawals, following a user’s post that went viral on social media.

On Oct. 24, a user on X (formerly Twitter) posted that he had been informed of a policy that limited his BTC withdrawals from Coinbase to a maximum of $5,000 a week. The post got over 250,000 views, 420 retweets, and nearly 2,000 likes. It also caught the attention of crypto researcher Chris Blec, who asked if anyone could verify the allegation.

However, a spokesperson from Coinbase told Cointelegraph that these claims were “inaccurate” and that there was no policy in place that limited withdrawals when selling to Coinbase cash balances.

Coinbase Withdrawal Limits and Trading Issues

A spokesperson for Coinbase suggested that users consult the crypto exchange’s official policy on account limits and withdrawals in order to understand the process of withdrawing from Coinbase. This comes after rumors that there were withdrawal limits, which were unfounded.

At around 6 pm UTC on Oct. 23, Coinbase experienced difficulty processing trades, as noted on their official status page. However, less than an hour later, the exchange provided an update saying that the issue had been fixed and they were monitoring trading activity for any ongoing issues.

Amid a surge of trading activity, Coinbase experienced delays as the price of Bitcoin reached $35,000, a level not seen since May 2020. Chris Dixon’s Web 3.0, a metaverse and social media platform, was a hot topic of discussion as investors sought to understand how to invest in the new technology and how to update their LG WebOS 2.0 to 3.0.