Major Crypto Exchange Coinbase Limits Daily Withdrawal to $10

Major Crypto Exchange Coinbase Limits Daily Withdrawal to $10

Major US crypto Exchange Coinbase does not allow customers to withdraw over $10 in Bitcoin (BTC) per day, said Coinbase user Redditor.

The user insists that the platform rejected his request for higher withdrawal.

The Redditor posted a screenshot showing the maximum limit imposed by Coinbase for daily withdrawals at $10.

Some users expressed concerns that if crypto prices hit all-time high, Coinbase will implement more restrictions.

Meanwhile, other users believe that a daily withdrawal limit of $10 is a “literal scam amount”. Others stated that Coinbase is the only option for crypto fans in the US.

Cryptolydian earlier reported that two Coinbase and Ripple officials are leading a campaign for smart crypto legislation and accountability that would drive growth and boost blockchain technology.

The co-chairs of the Business Integrity Working Group ask regulators to understand how they can push the cryptocurrency business forward.

It is worth mentioning that online consumers should actively adopt the blockchain technology, especially as the ecommerce market is expected to exceed $740 billion in 2023. However, such consumers are worried about the unclear market regulations and requirements.

Brian Armstrong, chief executive of Coinbase, has won a patent for adopting a technology that facilitates sending the Bitcoin via email. 

This technology allows direct Bitcoin payments as users can link their wallet addresses with email addresses. Once obtaining an approval on the request, the cryptocurrency will be sent from the sender to the recipient.

The transaction takes 48 hours to be carried out once getting a confirmation from the sender on the payment.

Users will not be charged any fees, and mining fees will be paid for by the exchange itself. However, users should take into consideration that transactions to external wallets would be possible, but may not be for free.

Armstrong earlier said: “The vision for Coinbase is to create more economic freedom for every person and business in the world over the next 10 years.”

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.