Binance Suspends Dogecoin Withdrawals Following a Network Upgrade Glitch

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Binance
Binance

Binance, the largest cryptocurrency exchange in the world, said it had suspended all Dogecoin withdrawals for a while. According to a statement on Thursday, a Dogecoin network upgrade resulted in a glitch.

The exchange announced they will allow withdrawals again once the problem is resolved.

“Binance is actively working with the DOGE project team to resolve the issue,” the company said in its statement.

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Binance added that users are able to withdraw the meme-based digital token on other networks meanwhile.

“We will provide a further update as soon as possible,” the company said.

By Friday morning, there had still been no updates from the company.

Nonetheless, Dogecoin investors are still calm about it. DOGE was last up 0.14% trading at $0.2612 at 05:19 a.m. ET Friday, according to Coinmarketcap data.

Analysts warn from exchanges outages

Earlier in November, Binance had to suspend all cryptocurrencies withdrawals for two hours following a database problem. Before that, a Binance outage occurred in May. The problem resulted in heavy losses to investors who requested compensation from the exchange.

Consequently, analysts raised alarms about crypto markets and exchanges. They argued that these decentralized technologies are not governed by central banks or governments. Nonetheless, Binance said in August that it is trying to comply with regulators following a series of regulatory bans and warnings.

Gary Gensler, the head of the US Securities and Exchange Commission said crypto platforms should be regulated better, given that they host around 95% of market activity.

Meanwhile, Coinbase the largest publicly listed exchange also suffered an outage in September. It followed an unexpected increase in network traffic and market activity. On the other hand, Robinhood also experienced an outage that lasted a day and a half last year.