• January 21, 2022

Dogecoin Holders to Face Withdrawal Issues on Binance Exchange

Binance is the largest cryptocurrency exchange platform in the world by market cap. The platform has been able to accommodate cryptocurrency traders with the ease of dealing in multiple cryptocurrency transactions without having to use several third-party applications. Recently, a meme-coin mania took the crypto community by storm, and traders were looking everywhere to get satirical coins like Doge and Shiba Inu listed.

Binance listed these tokens on its platform despite platforms like Robinhood deciding against the decision. However, owing to some technical difficulties, Binance has decided to suspend the withdrawal option for Dogecoin on its platform. The issue was recently highlighted by Tesla CEO, who is responsible for making the coin so popular among crypto investors.

Tagging the CEO of Binance, Elon Musk, claimed that he wanted to ask about what was going on with the Dogecoin wallets on the platform. He claimed that he is concerned for the Dogecoin holders who are unable to make any withdrawals during the week. Responding to the tweet, CZ claimed that the issue is related to the latest update sent by Dogecoin blockchain developers.

CZ further claimed that the platform is working on resolving the issues, and the consumers on the platform are going to stay updated every step of the way. Reflecting on the matter, Zhao claimed that he apologizes for any inconvenience that has been caused by this incident to the Dogecoin investors.

The official Twitter account of Binance has also posted a new tweet updating the users on the current Dogecoin technical issue matter. The tweet explained that a new update sent by Dogecoin developers automated the stuck transactions and sent them to the 1,674 Dogecoin holders. Binance has decided to suspend the withdrawal of any more Dogecoin for 14 days.

Moreover, Binance claimed that the platform is working on providing their clients 24/7 support to deal with the issue. Musk has claimed that he is not a Binance user himself and only querying on behalf of the Dogecoin investors. On the other hand, Binance CEO pointed out that Tesla has also experienced a software glitch and sent an urgent recall for their clients in the same week.

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