In a recent statement, cryptocurrency exchange Coinbase has dismissed rumors circulating on social media regarding the implementation of weekly withdrawal limits on Bitcoin. The rumors gained traction after a user claimed in a post that Coinbase had imposed a maximum threshold of $5,000 per week for BTC withdrawals.

The post, shared on X (formerly Twitter) on October 24, quickly gained attention, amassing over 250,000 views, 420 retweets, and nearly 2,000 likes. Crypto researcher Chris Blec even asked for verification of the claim. The user expressed frustration, citing that the alleged new policy limited their ability to withdraw BTC from Coinbase to $5,000 per week. They urged others to move their Bitcoin off exchanges.

However, a spokesperson from Coinbase clarified that these claims were inaccurate. According to the spokesperson, no such policy existed that restricted withdrawals when converting Bitcoin to Coinbase cash balances. They emphasized that the withdrawal process depended on the chosen payment method and advised users to refer to Coinbase's official policy on account limits and withdrawals for further information.

This news came at a time when Coinbase faced temporary difficulties processing trades. On October 23, around 6 pm UTC, the exchange encountered issues with trade processing. Coinbase's official status page confirmed the problem and provided updates within an hour, stating that the issue had been resolved and the team was closely monitoring trading activity for any potential ongoing problems.

The trading delays on Coinbase occurred simultaneously with a surge in trading activity across the market. Bitcoin's price reached as high as $35,000, a level not seen since May of the previous year.

Coinbase's quick denial of the withdrawal limit rumors provides clarity to its users and reinforces its commitment to transparency. As cryptocurrency continues to garner mainstream attention, reliable and secure trading platforms like Coinbase play a crucial role in facilitating smooth trading experiences for users worldwide.