Coinbase Denies Imposing Weekly Limit on Withdrawals amid Social Media Frenzy

<p>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.</p><p>Coinbase's Swift Response to Refute Withdrawal Limit Claims</p><p>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. </p><p>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.</p><blockquote><p lang="en" dir="ltr">. <a href="https://twitter.com/coinbase?ref_src=twsrc%5Etfw">@Coinbase</a> 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!!!!</p>— Colin Brown (@thecolinbrown) <a href="https://twitter.com/thecolinbrown/status/1716573084780802447?ref_src=twsrc%5Etfw">October 23, 2023</a></blockquote><p>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.</p><p>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.</p><p>Coinbase Expands Presence in Benelux and Nordics</p><p><a href="https://www.financemagnates.com/tag/coinbase/">Coinbase</a> is strengthening
its presence in the Benelux and <a href="https://www.financemagnates.com/tag/nordic/" target="_blank" rel="follow">Nordic</a> 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. </p><p>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 <a href="https://www.financemagnates.com/tag/mica/">MiCA</a>
entity location.</p>

This article was written by Tareq Sikder at www.financemagnates.com.