After heated exchange between Elon Musk and CZ, Binance revives Dogecoin withdrawals caused by technical glitch
Dogecoin withdrawals on Binance are now available again after a few weeks of issues that holders have faced on the trading platform.
Previously, Elon Musk had fought an uphill battle on Twitter with Binance CEO Chan Zhao. The CEO of Tesla and SpaceX has accused Binance of failing to provide proper service to its users who are struggling due to exchange-related issues.
According to Binance’s official Twitter account, the withdrawal problem for Dogecoin that has gone on for more than two weeks was related to the network upgrade of the project. But at the same time, the exchange has denied that the problem was on its side by stating that the withdrawal issue was caused by an update and not their sophisticated wallet mechanism.
The CEO of the exchange, CZ, later said that neither entity was at fault and that the two networks had no idea of the rare problem that arose due to the network upgrade. He also said that “no one is fired”.
During the Binance withdrawal issue period, Dogecoin lost approximately 13% of its value. The reason behind this is less likely to be tied to exchange problems, though. The global cryptocurrency market correction and risk-off on financial markets, in general, are more likely the two things that caused the actual retrace.