Binance requested users to return Dogecoin amid latest system update
Binance’s latest update has caused confusion around account withdrawals
Binance’s latest update has temporarily paused all Dogecoin withdrawals. Users claimed the platform requested the cryptocurrency to be returned in order for accounts to continue transacting.
“We discovered a minor issue with DOGE network withdrawals on Binance after carrying out a version update on 2021-11-10,” Binance said in an online statement.
“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.”
Binance users took to Twitter to express their concerns over being asked to return Dogecoin to the exchange in order to prevent withdrawals from their account being deactivated.
Many users who received the message claimed they did not have any Dogecoin to return.
A Twitter account representing Dogecoin developers stated that the reason behind the withdrawal requests was to offset transactions from the past few years that were stuck due to “insufficient fees”.
“Binance opted to resend/reissue these transactions. We instructed Binance to use the inputs to the stuck transactions to force them to be invalidated by the replacement transactions,” the account stated.
Binance, which was founded in 2017, quickly became one of the world’s largest trading platforms, offering low trading fees across more than 500 cryptocurrencies. A recent article by The Wall Street Journal noted that the crypto exchange trades around $76bn a day.
The trading platform, however, has been under scrutiny amid concerns over the use of crypto in money laundering.