Coinbase is a digital currency exchange headquartered in San Francisco, California. Founded in June of 2012, Coinbase is a digital currency wallet and platform where merchants and consumers can transact with new digital currencies like Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC).
Reportedly, the firm has allegedly blocked some users from making account withdrawals over $10 in BTC. One Reddit user known as Unholy_Crab1 posted and confirmed that Coinbase is limiting his daily withdrawal limits to $10 and his request was denied by the firm.
The thread attracted interactions among many Reddit users where some claimed to have not encountered the $10 per transaction a day. On the other hand, two users claimed that the firm has blocked them previously without any clear explanation and suggested other users to ditch Coinbase and use another exchange platform instead.
However, some claimed that the freezing of accounts are standard procedures within private companies once suspicious activities are detected from users’ accounts. Possible causes of the limitation remain unclear to date.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.