Cryptocurrency exchange Binance has fully opened withdrawals of Dogecoin after a technical glitch that spurred a heated back-and-forth between Elon Musk and the cryptocurrency exchange’s Chief Executive Officer
Traders were unable to withdraw Dogecoin for more than two weeks because of problems related to a network upgrade.
The world’s biggest crypto exchange said that the glitch was ‘an unlikely and unfortunate coincidence’ and ‘not quite the shady circumstances that some had suggested.’
.@Binance CEO Changpeng “CZ” Zhao is aiming for an “improved perception” by regulators of its global entity, he told the Financial Times.@egreechee reports. https://t.co/kSpFML9XMq
— CoinDesk (@CoinDesk) November 23, 2021
The back-and-forth is indicative of the sometimes chaotic nature of cryptocurrencies, especially when it comes to market infrastructure that’s had to rapidly scale to meet demand. Dogecoin, a memecoin that was created as a joke in 2013, is up more than 6,000% in the past year according to CoinGecko pricing, spurred by frenzied trading and wider cryptocurrency acceptance. The price was little changed Tuesday.
Binance acknowledged that users are “rightly” upset. But it isn’t yet clear how many of those users may have returned the coins, or if they have any incentive to do so.
Source: Reuters
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