Dogecoin NurPhoto
Binance announced Thursday that it had temporarily stopped all withdrawals from meme token dogecoin.
After performing a DOGE network upgrade, the world's largest crypto exchange claimed it found a bug.
Due to a glitch in their database, Binance had already suspended all crypto withdrawals earlier in November.
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Binance, the largest crypto exchange in the world, stated that it had temporarily suspended dogecoin withdrawals following a glitch during a dogeocin network update.
According to the crypto exchange, withdrawals will be resumed once the problem is resolved.
The company stated that it was actively working with DOGE to solve the problem.
It stated that users could withdraw their dogecoin from other networks at the same time.
The company stated that they would provide an update as soon as possible.
Friday morning was the last day for updates.
Dogecoin investors are relatively calm. At 05:19 AM, the token was up 0.14% and stood at $0.2612 According to Coinmarketcap data, ET Friday.
The company had to suspend crypto withdrawals for 2 hours earlier in the month due to a problem with its database. In May, another Binance outage caused major losses. Investors demanded compensation from the network.
Analysts warn people to be cautious with cryptocurrency markets and exchanges as they are not governed or supervised by any central bank. After a string of warnings and bans, Binance stated that it was determined to comply with regulators in August.
Gary Gensler, head of the US Securities and Exchange Commission, stated that crypto platforms need to be better regulated, as they host approximately 95% of market activity.
After a sudden rise in market activity and network traffic, Coinbase, the largest publicly traded exchange, suffered an outage on September 7. Robinhood, a trading platform suffered an outage last year that lasted for a day and a quarter.
