Crypto exchange Binance suspends dogecoin withdrawals due to a glitch after a network update

Dogecoin
Dogecoin

Binance, the world's biggest crypto exchange, said it had temporarily suspended all dogecoin withdrawals, according to a statement on Thursday after a dogeocin network upgrade resulted in a glitch.

The crypto exchange said they will resume withdrawals once the problem had been resolved.

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

It said that users could withdraw dogecoin on other networks during this time.

"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.

Dogecoin investors have been relatively calm. The token was last up 0.14% to stand at $0.2612 at 05:19 a.m. ET Friday, according to Coinmarketcap data.

Earlier in the month, the company had to suspend all crypto withdrawals for two hours after a problem with a database. Another Binance outage occurred in May, which led to major losses and investors asking for the network to compensate them.

Analysts have warned people to be careful with crypto markets and exchanges because they are not governed by a central bank or government. However, Binance said in August it wanted to do everything it could to be compliant with regulators after experiencing 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.

Coinbase, the largest publicly listed exchange, experienced an outage in September after a sudden increase in network traffic and market activity. Robinhood, a trading platform, also suffered an outage that lasted a day and a half last year.

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