January 31, 2023

Elon Musk Effect? Dogecoin Withdrawals On Binance Resume After 17-Day Hiatus


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withdrawals are once again possible on Binance, the world’s largest cryptocurrency exchange by volume.

What Happened: The Changpeng Zhao-led trading platform resumed DOGE withdrawals after suspending them earlier due to technical issues, as per a Binance statement.

The exchange said that Binance and Dogecoin Core maintainers worked together to “diagnose, solve, and prevent” the issues from recurring.

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“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,” said Binance.

See Also: How To Buy Dogecoin (DOGE)

Why It Matters: On Monday, Binance said its users were unable to withdraw DOGE for the last 17 days.

The underlying issue, as per the platform, was inadvertently triggered when previous DOGE updates from as far back as 2019 caused a conflict with each other. This meant Binance could not process withdrawals until it built a new DOGE wallet.

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CEO Elon Musk called out Zhao earlier for the alleged mistreatment of DOGE customers on Binance.

On Monday, Zhao shared details of a “DogeorTesla” contest on Twitter in which he asked his followers whether they would like to win a custom Doge Tesla or $50,000 worth of DOGE.

Price Action: At press time, DOGE traded 8.32% higher at $0.22 over 24 hours.

Read Next: Binance CEO: ‘To Be Honest, I Don’t Get Dogecoin’

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