Binance has been making headlines over the past few days. The problem of halted Dogecoin withdrawals on the cryptocurrency exchange was one cause that stood out. While the problem continued, it drove Tesla CEO Elon Musk to speak out, infuriating Binance CEO Changpeng Zhao. Binance has stated that Dogecoin withdrawals are again available on the platform, days after the two sides had a heated disagreement.

The problems, according to CZ, were triggered by a malfunction

As per a prior statement from Binance, the problem was caused by a malfunction that arose after the platform’s wallets were updated. Binance said that withdrawals were finally available on Monday, bringing the ban of withdrawals to an end after 17 days. Binance also stated that over 1,000 users were given part of their past transactions during the outage.

Binance stated in a release that this problem, and others involving Dogecoin, arose due to unlikely factors. In the end, the Dogecoin withdrawal issue only impacted Binance since no other cryptocurrency exchange had reported a problem. Binance explained that the problem mainly affected traders who had owned Dogecoin since 2019, had some outstanding transactions on their wallets, and had just updated them.

The price of Dogecoin continues to rise

Binance has to first resend the funds to the wallets before constructing a new wallet to address the problems. The statement further said that no one was to blame for the incident since it occurred without their knowledge or the Doge network. When the Dogecoin withdrawal problem arose, Binance CEO Changpeng Zhao and Tesla CEO Elon Musk had a heated Twitter debate.

Changpeng Zhao instantly responded to Elon Musk’s assertion that everything around the problem is a hoax, and he has his take on the matter. After having a natural influencer in Elon Musk, Dogecoin has seen a significant increase in popularity. Dogecoin is now trading at $0.205, with a small advance of 2.71 percent in the previous 24 hours. It has a market cap of $27,198,443,468 and is placed #10 on CoinMarketCap.


Please enter your comment!
Please enter your name here