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Binance Finally Restores Dogecoin Withdrawals

Mon, 11/29/2021 - 11:32
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Arman Shirinyan
After a heated exchange between Elon Musk and CZ, Binance restores Dogecoin withdrawals caused by a technical issue
Binance Finally Restores Dogecoin Withdrawals
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Dogecoin withdrawals on Binance are now available again after a few weeks of issues that holders have faced on the trading platform.

Previously, Elon Musk has had a heated battle on Twitter with Binance's CEO, Chan Zhao. The Tesla and SpaceX CEO accused Binance of not providing a proper service for its users that have to struggle due to exchange-side issues.

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According to Binance's official Twitter account, the withdrawal problem for Dogecoin that has gone on for more than two weeks was related to the network upgrade of the project. But at the same time, the exchange has denied that the problem was on its side by stating that the withdrawal issue was caused by an update and not their sophisticated wallet mechanism.

The exchange's CEO, CZ, later said that not a single entity was at fault and both networks had no idea about the rare issue that appeared due to the network upgrade. He also stated that "no one's getting fired."

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During the Binance withdrawal issue period, Dogecoin lost approximately 13% of its value. The reason behind this is less likely to be tied to exchange problems, though. The global cryptocurrency market correction and risk-off on financial markets, in general, are more likely the two things that caused the actual retrace.

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About the author

Arman Shirinyan is a trader, crypto enthusiast and SMM expert with more than four years of experience.

Arman strongly believes that cryptocurrencies and the blockchain will be of constant use in the future. Currently, he focuses on news, articles with deep analysis of crypto projects and technical analysis of cryptocurrency trading pairs.