In a recent social media uproar, Coinbase has emphatically denied allegations that it had instituted a limit of $5,000 per week on Bitcoin withdrawals. The rumors began circulating after a user's post on X (formerly Twitter) claimed to have encountered such limitations, gaining significant attention in the digital asset community.
Coinbase's Swift Response to Refute Withdrawal Limit Claims
On October 24, a post from a user on X garnered substantial attention, alleging that Coinbase had implemented a policy limiting Bitcoin withdrawals from the platform to a maximum of $5,000 per week. The post quickly went viral.
However, Coinbase swiftly responded to these claims, with a spokesperson labeling them as "inaccurate" and refuting the existence of any such withdrawal policy. The spokesperson clarified that the ability to withdraw funds from Coinbase depends on the specific payment method used and encouraged users to consult Coinbase's official policy regarding account limits and withdrawal procedures.
. @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
The unfounded rumors concerning withdrawal limits coincided with a brief interruption in Coinbase's ability to process trades. According to Coinbase's official status page, the exchange began experiencing trading difficulties around 6pm UTC on October 23.
In less than an hour, Coinbase released an update stating that the issue had been rectified, and their team was monitoring trading activity for any lingering problems.
Coinbase Expands Presence in Benelux and Nordics
Coinbase is strengthening its presence in the Benelux and Nordic regions. Elke Karskens, formerly the UK Country Director, will now lead as the Country Director for the two territories, focusing on growth and innovation in these markets.
Daniel Seifert's role as the Vice President and Regional Managing Director of EMEA will extend to oversee Coinbase's UK activities. These leadership transitions are part of Coinbase's Phase II expansion strategy, emphasizing local leadership to provide, regulatory-compliant experiences. The move comes after Coinbase's announcement designating Ireland as its MiCAentity location.
This article was written by Tareq Sikder at www.financemagnates.com.
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