Crypto Exchange Binance Resumes Dogecoin Withdrawals

Crypto Exchange Binance Resumes Dogecoin Withdrawals

The company also released important updates about the recent DOGE-related developments.

One of the worlds largest crypto exchanges, Binance today resumed Dogecoin withdrawals after several days. According to the company, Binance and Dogecoin Core Maintainers faced some issues during the DOGE wallet upgrade.

For the last 17 days, Binance users were unable to withdraw Dogecoin. Additionally, 1634 users were sent old transactions. The crypto exchange called the latest incident a combination of unlikely factors.

Binance outlined that the exchange has worked with the Dogecoin Core Maintainers to detect, solve, and prevent such issues. The exchange tested DOGE withdrawals on Saturday to ensure smooth transactions for its users. Now, the DOGE withdrawals are fully open again.

“Wed like to take this opportunity to share some more details around a recent issue that Dogecoin Core maintainers and Binance experienced during the DOGE wallet upgrade. What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days. In addition, 1634 users were sent old transactions. You may have heard the news, thanks to some friends on Twitter,” Binance highlighted.

Earlier this month, Elon Musk, the Chief Executive Officer of Tesla and one of the biggest supporters of Dogecoin, tweeted about his concerns regarding the withdrawal limits by Binance.

The Issue

According to the digital exchange, the wallet upgrade issue was unlikely and unfortunate. Binance assured its users that the company is working with all the stakeholders to ensure safe and secure crypto transactions.

“It was an unlikely and unfortunate coincidence for Binance, the DOGE network, and DOGE holders. If we at Dogecoin Core maintainers and Binance had tried to plan this, we simply would not have been able to, not quite the shady circumstances that some had suggested. No single entity was at fault, neither Binance nor DOGE Network had prior knowledge of this rare issue. So rest assured, as CZ said – no ones getting fired,” the exchange added.