Crypto News / Cryptocurrency · November 27, 2021

Dogecoin Investors are Facing Issues as Binance Suspends Withdrawal Facility

Binance is the largest cryptocurrency exchange in the world. The platform has been able to remain on top despite facing regulatory pushback from several countries during the past month. Binance CEO and founder Changpeng Zhao claimed that he wants the platform to comply with the legal requirements of the region that it is operating in.

He also pointed out that since there are different countries where Binance caters, therefore it will take some time to comply with the different set of regulatory directions in every section. On the other hand, the company has also hired experts from financial institutions to improve their services. Now, the Binance platform is facing a minor technical issue with the meme crypto token called Dogecoin.

New Update for Dogecoin Network

Dogecoin is a cryptocurrency based on an internet meme; it uses the POW consensus model and does not offer any real utility. Furthermore, other variants in the market are mimicking the satirical cryptocurrency to give it tough competition. Despite all the lacking, it has managed to acquire 10th rank on the crypto leader board. Dogecoin also has a huge supply that has allowed it to have a market cap as big as $1.6 billion at $0.255 per unit.

The developers of the Dogecoin blockchain have released the 1.14.5 update recently. This update has allowed the failed transactions in the past to go through. Binance management has contacted its users to return the funds that have happened due to the latest update. However, the situation has become more complicated as some of the users have taken to Twitter to complain about Binance.

The developers of the Dogecoin community have taken to Twitter to explain the issues that Binance is facing due to the recent update. As per the new tweet, it has been mentioned that the Dogecoin blockchain on Binance updated from older version 1.14.3 to 1.14.5 directly. This has caused the nodes to re-launch and approve the transactions that were stuck in the past.

Furthermore, the developers have added that this is also a result of transaction fees reducing significantly. The biggest proponent of Dogecoin, Elon Musk, has approved the latest approval and posted about it on his social media page. Meanwhile, the Binance management is still trying to come with a solution to resolve this issue without causing a lot of inconvenience to their customers.