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Binance resumes DOGE crypto withdrawals after outage

By Joyanta Acharjee

16:27, 29 November 2021

A pile of physical Dogecoins
A pile of physical Dogecoins – Photo: Shutterstock

Binance, the world's largest cryptocurrency exchange, has resumed Dogecoin withdrawals after resolving technical issues.

In a blog post, Binance said withdrawals are open again after a two-week halt that was caused by a database issue after a network upgrade.

"What began as a fairly straightforward upgrade, turned into an issue where Binance users were unable to withdraw DOGE for the last 17 days," Binance said in the post.

Unlikely and unfortunate

"It was an unlikely and unfortunate coincidence for Binance, the DOGE network, and DOGE hodlers. If we at Dogecoin Core maintainers and Binance had tried to plan this, we simply would not have been able to  not quite the shady circumstances that some had suggested," Binance said in Monday's statement.

Elon Musk tweets about Binance's DOGE outageElon Musk tweets about Binance's DOGE outage – Photo: Twitter

This was a reference to a cheeky Tweet from Elon Musk about the DOGE outage at Binance.

DOGE/USD

0.12 Price
+6.500% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

BTC/USD

63,473.05 Price
+5.340% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

ETH/USD

3,396.61 Price
+5.860% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BCH/USD

390.35 Price
+4.910% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.50
Binance founder's Twitter reply to MuskBinance founder's Twitter reply to Musk – Photo: Twitter

Binance founder Changpeng Zhao replied and went into detail about what went wrong.

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Cause of fault

"No single entity was at fault, neither Binance nor DOGE Network had prior knowledge of this rare issue," Binance said in Monday's blog post.

Withdrawal requests were quietly accepted over the weekend to ensure no further issues, Binance added.

On Monday, Dogecoin traded 8% higher at $0.2136 on volume of 8,669,861,620 DOGE traded in the past 24 hours worth $1.85bn (£1.39bn), according to data from Coinmarketcap.com.

Read more: ETC coin price prediction: will it thrive after hard fork?

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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