Why can i only send $1000 on Coinbase?

I'm curious, why is it that I'm only able to send $1000 on Coinbase? Is there a specific reason behind this limit? I've been using the platform for quite some time and have built up a fair amount of crypto assets, so it's a bit frustrating to be restricted to such a low transfer limit. Could it be due to my account level or verification status? Or is it a security measure to protect against potential fraud? I'd appreciate it if you could shed some light on this matter for me. Thank you.