After two weeks with the withdrawal option disabled and much criticism, the exchange revealed a statement today detailing what happened.

 Binance announced on Monday that it is resuming the withdrawal operations of Dogecoin (DOGE) on its platform after a failure that got caused after the last update of that cryptocurrency.

On November 11, Binance issued a statement highlighting the temporary suspension of withdrawals of the doggy token due to a minor problem after implementing the version update on 2021-11-10 of DOGE. Although the exchange did not bring further details, the reports informed that the problem appeared due to the reduction of fees applied by the update that had started old transactions stuck in Binance.

The inconvenience sparked discontent among many of the platform’s users and had caught the attention of billionaire Elon Musk, who took to Twitter to consult with Binance CEO Changpeng Zhao (CZ) about the eventuality.

In tweets, Musk highlighted his disagreement with the platform’s lack of transparency, and he admitted that he does not personally use Binance.

Then, the day after the discussion, the CEO of Tesla agreed with a tweet from a Dogecoin advocate inviting “breaking dependency” on centralized exchanges (CEX), such as Binance and Robinhood. Musk’s response got interpreted by many of his followers as a suggestion to leave the platform.

Binance Resumes Withdrawals from DOGE

Just two weeks after the first statement, Binance reported on November 29 that it has finally resumed Dogecoin withdrawals. Users of the exchange spent the past 17 days unable to withdraw their funds from the doggy coin. In the notice, Binance also brought some details about what happened.

The platform detailed that the issue happened due to problems with the DOGE wallet versions on Binance. The exchange added that it had been a combination of factors that had affected only Binance. It was an unfortunate coincidence for Binance, the DOGE network, and the DOGE holders.

Binance said that the combination of all the above parameters caused the coins to be forwarded and required a new wallet to get built. The company also excused itself, clarifying that no entity was at fault as neither Binance nor the DOGE network had previous knowledge of the problem.

The leading cryptocurrency exchange revealed Dogecoin withdrawals after testing the functionality to ensure there were no more problems. The company also assured that it had worked in parallel with the DOGE developer team to avoid similar inconveniences in the future.

DOGE price Slightly Rises

The news comes after criticism voiced by the CEO of Tesla and SpaceX last week. Musk has come out as a Dogecoin fan, and he has been promoting the doggy cryptocurrency since last year through his social media accounts.

The support of the billionaire has made DOGE a very popular token of the crypto world, especially after a meteoric price rally of more than 100% registered at the beginning of the year.

Dogecoin is currently trading slightly higher with a 2% rise in the last hours and received a value of USD 0.2. However, that price level is almost 30% below its historical maximum of USD 0.8 reached in May.

By: Jenson Nuñez

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