Coinbase Is Limiting Some Users To A $10 Bitcoin Maximum Withdrawal Per Day
Coinbase, the giant crypto exchange platform based in the US, is being accused by some users for limiting their Bitcoin withdrawal to not more than $10 per day, Cointelegraph reports.
According to a Redditor operating an account handle Unholy_Crab1, Coinbase has enforced a withdrawal limit of $10 for different users. The Redditor claimed that after several requests for enhanced withdrawal limits, the exchange did not approve them.
The Redditor went ahead to give a screenshot which indicated that his maximum amount that he could withdraw per day from the exchange in Bitcoin was set at $10.
By press time, the complaint had gained more than 50 comments from various Redditors. Most of the users complained of Coinbase services in the recent past. Some of the users expressed their skepticism that it is likely that Coinbase will come up with similar restrictions as crypto prices soar to all-time highs. Some Redditors expressed their frustrations with the unilateral actions taken by the exchange calling it a scam. Other Redditors noted that Coinbase is misusing its position as the ‘only option for US residents’.
Cointelegraph reports that it has contacted Coinbase for an official statement but an immediate response was not received by press time.
The allegations about withdrawal limits comes just days after the exchange together with Ripple revealed a partnership to enhance the adoption of blockchain and cryptocurrencies in the US market. The two crypto space giants announced the creation of Market Integrity Working Group whose aim is to enhance market integrity as well as offering confidence to the consumers.
Apart from Coinbase, other cryptocurrency exchanges have also been on the receiving end among Redditors for enforcing withdrawal limits to various users. Just last week, LocalBitcoin, the Finnish-based crypto exchange, was trending on Reddit for secretly suspending user accounts. Several users alleged that they were made to wait up to 14 days before they could delete their accounts and subsequently withdraw their Bitcoin holding.
Be sure to check for an update on Coinbase official for a response on the allegations.