The trading platform will need about a week to solve the technical problems with the altcoin and resume its withdrawal
The CEO of crypto exchange Binance, Changpeng Zhao, explained on Twitter why some users of the trading platform faced technical issues due to Dogecoin. According to Zhao, the Dogecoin developers were "pretty accurate" in describing an issue that arose on the trading platform following the recent altcoin update.
Zhao posted a clarification about the Dogecoin issue after being asked on a social by Tesla and SpaceX CEO Elon Musk. The head of Binance responded to the businessman that the exchange is working with Dogecoin developers to solve technical problems. Zhao also asked Musk to explain the problem with the software of Tesla cars, due to which more than 12 thousand electric cars sold since 2017 have been recalled.
On November 23, a message appeared on the official Twitter page of the Binance crypto exchange that the specialists of the trading platform will need about a week or more to solve technical difficulties with Dogecoin.
In early November, messages about problems with access to the marketplace functionality began to appear on Reddit. One of the clients of the trading platform wrote on Twitter that the exchange informed him that it was blocking his Dogecoin withdrawal, demanding to pay off the debt of 53.7 thousand Dogecoin ($ 11.8 thousand at the exchange rate on November 12). The user claims that he has not carried out transactions with the "meme" token for more than two years.
On November 11, Binance temporarily disabled the withdrawal of Dogecoin from its trading platform until technical issues were resolved. Withdrawing altcoin from Binance is still not available. Problems with Dogecoin affected more than 1.6 thousand users of the crypto exchange.
After massive reports of problems with Dogecoin, the developers of the "meme" token suggested that technical problems could arise as a result of "stuck" transactions that did not meet the system's requirements for successful execution.
The altcoin development team believes that most of these transactions were too low in fees, but in the 1.14.5 update, which was released on November 10, the fees on the Dogecoin network were significantly reduced. As a result of the restart of the Binance node, which occurs after the altcoin update, the transactions were automatically executed.