Hassan Maishera
Binance Suspends DOGE Withdrawals
Binance, the world’s largest crypto exchange, temporarily suspended Dogecoin withdrawals in the late hours of Thursday. The exchange said this was because of a minor issue that was encountered during a Dogecoin upgrade.
The cryptocurrency exchange revealed this in a blog post published a few hours ago. Binance said, “We discovered a minor issue with DOGE network withdrawals on Binance after carrying out a version update on 2021-11-10. As a result, we have temporarily suspended DOGE network withdrawals until this issue is resolved. Binance is actively working with the DOGE project team to resolve the issue.”
Binance added that the DOGE network withdrawals would remain closed until this is fixed. Users are still able to withdraw DOGE on other networks during that period. Some users complained that Binance initiated DOGE withdrawals without their consent and later asked them to return the funds. However, some of the users claimed that they did not have the DOGE tokens in their accounts.
Some users complained that Binance asked them to return DOGE to the exchange, or else their withdrawal function on the exchange would remain deactivated. Dogecoin developers explained that the initial withdrawal transactions seem to be follow-up attempts to execute requested transactions from years ago that were “stuck” due to “insufficient fees.”
Binance remains one of the world’s largest cryptocurrency exchanges, with over $31 billion in daily trading volume. It is far ahead of second-placed Coinbase, which has over $6 billion in daily transaction volume.
The crypto exchange has come under scrutiny from regulators in various countries since the start of the year. As a result, Binance had to halt some of its services in the United Kingdom, Hong Kong, Europe, Singapore and many other countries.
Binance has been hiring regulatory experts in a bid to overcome the challenges and continue its dominance in the cryptocurrency space.
