Some Dogecoin traders on Binance, the largest cryptocurrency exchange platform, have been having a hard time making their withdrawals. This glitch started after the Dogecoin network announced that it would be having updates, which led to some users receiving Dogecoin that was not theirs, and Binance restricted these accounts.
Following this glitch, Elon Musk, one of Dogecoin’s greatest supporters, published a tweet stating that the problems faced by Dogecoin holders on Binance were “shady.”
Binance Restores DOGE Withdrawals
Binance has now removed the restrictions it had imposed on Dogecoin withdrawals. As aforementioned, the restrictions were imposed after a system glitch caused by the coin’s wallet upgrade.
During an announcement issued on Monday, Binance stated that it had resumed Dogecoin withdrawals after suffering a major issue as users on Binance failed to withdraw their DOGE tokens since mid this month.
The wallet upgrade led to 1634 Binance users receiving old transactions. However, the glitch caused by the wallet upgrade only happened on Binance, as no other exchange reported a similar issue. The Dogecoin development team stated that it had issued recommendations to Binance about some transactions stuck years back, but it was unsure if Binance followed through.
Binance statement reads:
“Unfortunately for Binance, we had inadvertently threaded the needle with all of the above parameters, which led to the coins being re-sent and reacquiring a new wallet needed to be built,”
The giant exchange also stated that no part was at fault because of this glitch because neither the Dogecoin network nor the exchange was aware that this issue would happen.
Elon Musk Questions Binance
However, Binance stated that the issue would soon be fixed, and it was just caused by a glitch in the DOGE wallet upgrade. While Binance CEO, Changpeng Zhao, defended Binance’s move to restrict accounts to withdrawals, he stated that the exchange would resolve the issues.
In its latest announcement, Binance highlighted that they have tested everything before opening withdrawals again:
“Here at Binance, and the Dogecoin Core maintainers, we worked together to diagnose, solve, and prevent similar issues from occurring. On Saturday (November 27), we tested everything by opening up withdrawals again, but we did it silently to ensure there were no further issues, and now we’re pleased to announce that from today withdrawals are fully open again.”