Binance Temporarily Suspends Dogecoin Withdrawals
Crypto exchange Binance has temporarily suspended withdrawals of the meme cryptocurrency from its platform, according to an announcement shared on its website. According to it:
“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.”
However, it looks like the update in question has created significant problems for some of the platform’s users. In particular, these have reported the exchange had first started Dogecoin withdrawals without their consent, and is now asking these users to return the Dogecoins they do not currently hold in their Binance accounts.
The platform has informed these users they must return the DOGE to the exchange, or else their withdrawal function on the exchange would remain disabled. However, the affected users claim that they do not even hold the DOGE in their Binance accounts, making it impossible for them to return the coins.
According to a tweet thread posted by a Twitter account representing the Dogecoin developers, they have explained that the initial withdrawal transactions appear to have been follow-up attempts to carry out transactions requested years ago that got “stuck” due to “insufficient fees.”
The Dogecoin network upgrade initiated just a few days ago appears to have triggered those old transactions, according to the tweet thread.