December 4, 2022

Binance Addresses Issues With Dogecoin & Its Withdrawal

It had been a while since Binance had suspended withdrawals of Dogecoin which resulted in criticism by Binance’s customers as well as the CEO of Tesla Inc., Elon Musk, commented that the decision looks “shady”. Now the issue has been addressed and Binance has informed that it has reinstated Dogecoin withdrawals and said that the issue happened accidentally and nobody was involved.

On Monday, the 29th November 2021, Binance has been seen addressing the issue pertaining to “Dogecoin”. The firm said that the issue occurred which resulted in the suspension of Dogecoin withdrawal. However, it was nobody’s fault that the withdrawals were suspended. Instead, the firm was trying to simply upgrade its system which then caused a glitch to happen.

The firm also revealed that the Dogecoin withdrawals were unavailable to the customers for 17 days exactly. However, during this time, the firm was making all its efforts to remove the glitch efficiently. The firm also informed that the glitch has been successfully taken care of. On the other hand, soon after removing the glitch, Dogecoin withdrawals have been restored which are now available as they were before. The firm further informed that there were more than 1500 Binance users of Dogecoins who had executed transactions but were kept pending. All these transactions have been duly executed into the accounts of the users, informed Binance.

It was revealed that the issue actually occurred in the Dogecoin network and there was no issue with the Binance. However, none of the other exchanges were affected due to the error in the Dogecoin network. But somehow the problem severely affected Binance’s platform. Binance explained that the reason for Binance to be affected was because the firm was using version 1.14.0 which was inducted in 2019. The other exchanges would have faced the same issue if they had the same version. Since they were not using the 2019 version therefore the issue was visible on Binance’s platform only.

Binance is currently the top crypto firm in the world. Customers expect it to be better than any other platform. When the issue pertaining to Dogecoin occurred, Binance’s customers got frustrated as they could not withdraw their Dogecoin funds. The issue also led Tesla’s CEO, Elon Musk, to comment that the suspension of Dogecoin’s withdrawal looks quite “shady”.

It is expected the following the continuation of withdrawals through the largest cryptocurrency exchange, DOGE may see a rise in its adoption. Although Musk has called this entire matter out as a shady act from Binance, yet the explanation given by Binance on the matter holds more value.

Still, things have worked out in favor of DOGE as it has managed to gain a rally after Binance announcing its re-enablement.