Coinbase, one of the most popular cryptocurrency exchanges, is now limiting the amount its users can buy due to unprecedented demand.
The move comes amid a massive surge in interest in cryptocurrencies, with Bitcoin, the largest and most well-known crypto, hitting new all-time highs almost daily.
Other popular cryptos like Ethereum and Dogecoin have also seen explosive growth in recent months.
This has led to a surge in demand for Coinbase, which is one of the easiest ways for newcomers to get into the crypto world.
However, the exchange is now struggling to keep up with demand, leading to it putting limits on how much users can buy.
The exact limit varies depending on your location and payment method, but it is generally around $10,000 per week.
Coinbase may limit your purchase if it detects any suspicious activity related to your account. This could be anything from large, frequent purchases to a sudden change in the type of payment method used. Coinbase may also limit purchases if it suspects a violation of its User Agreement or Anti-Money Laundering policies. It is important to keep your Coinbase account secure and up-to-date in order to avoid any purchase limits.
This is a major problem for those who want to invest larger amounts of money into cryptocurrencies.
It also raises the question: why is Coinbase limiting my purchase?
There are a few possible explanations.
One is that the exchange simply doesn’t have the capacity to handle the influx of new users and their trades.
Another possibility is that Coinbase is trying to prevent price manipulation by large investors.
Whatever the reason, it’s clear that Coinbase’s decision to limit purchases is causing frustration for many would-be crypto investors.