BlackRock demands 12-hour BTC withdrawals from Coinbase amid rising rumors of paper BTC

BlackRock has put forward an amendment for its BTC ETF fund because of concerns of investors about the on-chain settlement practices of Coinbase.

The amendment involves the requirement to withdraw BTC within 12 hours from Coinbase. This amendment is based on 16th September filing with the SEC.

BlackRock mentioned in the filing:

“Subject to confirmation of the foregoing required minimum balance, Coinbase Custody shall process a withdrawal of Digital Assets from the Custodial Account to a public blockchain address within 12 hours of obtaining an Instruction from Client or Client’s Authorized Representatives.”