Coinbase, the cryptocurrency exchange, refutes allegations of implementing a $5,000 weekly limit for Bitcoin (BTC) withdrawals. According to a post by a user known as X on Twitter, they reported encountering this withdrawal limitation on Coinbase. The alleged limit was set at $5,000 per week. This post gained significant attention with over 250,000 views, 420 retweets, and nearly 2,000 likes. Notably, cryptocurrency researcher Chris Black questioned the claim’s authenticity, prompting further scrutiny.

It was subsequently clarified that there are no limitations on withdrawing BTC from Coinbase. As per the user’s account, the exchange’s support team reached out to resolve the issue and unlocked BTC withdrawals.

“Regrettably, their explanation regarding the freezing was rather unsatisfactory, with them citing algorithms as the cause. I don’t want to jump to conclusions, and this might have been an isolated incident.”

Nonetheless, the user remained unsatisfied with the resolution provided. He emphasized that the fundamental principle of self-sufficiency should be upheld within the realm of Bitcoin. Had Coinbase support not come across the tweet, he would have been constrained to gradually retrieve his coins with a $5,000 weekly limit.

“The imposition of weekly withdrawal limits is a subtle assault on Bitcoin.”