The American Coinbase, one of the largest cryptocurrency exchanges in the world, has denied rumors from dissatisfied users about a weekly limit of $5,000 for withdrawing Bitcoin from the platform.

A Coinbase client, known on the X social network as Colin Brown, said that he was faced with a restriction on withdrawing Bitcoin from the site. According to the user, when trying to send BTC from Coinbase to his cold wallet, he received proof of the exchange’s new policy, according to which the platform has set a weekly withdrawal limit of $5,000 as of October 13th. In a panic, the user called on other traders to quickly withdraw bitcoins from any exchanges.

The alarmist’s tweet received more than 403,000 views, more than 593 retweets and almost 2,700 likes. Rumors spread across the Internet. It later turned out that Coinbase did not impose restrictions on BTC withdrawals. Colin Brown himself wrote that the exchange support service contacted him and unblocked his bitcoins.

“Unfortunately, the algorithms explained to me in a rather crazy way why my bitcoins were frozen. I don’t want to be an alarmist, because this could really be an isolated incident,”
wrote Brown.

However, the user noted that if Coinbase support had not seen his tweet, he would have had to withdraw $5,000 in bitcoins every week, returning his crypto assets in parts. Colin Brown called any withdrawal limits a “tasteless attack on Bitcoin.”

As a reminder, Coinbase delisted 80 trading pairs in early October to improve overall market health and consolidate liquidity.