Elon Musk Criticizes Binance for Dogecoin Wallet Limits

Elon Musk Criticizes Binance for Dogecoin Wallet Limits

The cryptocurrency exchange warned that the limits could last for another week.

Elon Musk, CEO and founder of Tesla, criticized Binance, a major cryptocurrency exchange, by addressing its CEO Changpeng Zhao ‘CZ’ about the limits imposed on withdrawals of Dogecoin (DOGE) wallets.

“Hey @cz_binance, what‘s going on with your doge customers？ Sounds shady,” Musk tweeted via his personal Twitter handle. The issue happened because Binance argued that it’s restructuring its meme-inspired coin wallet, which resulted in delays in withdrawals. In fact, the exchange warned that delays could persist at least for one week more.

The exchange hasnt provided more details or an exact time on whether these withdrawal limits will be removed.

Binance Prices Flash Crash Suffered in Binance due to a Glitch

Th exchange faced a glitch last month when hours after Bitcoins flash crash to $8,200, Binance officially confirmed that the incident happened because of a bug in the trading algorithm of one of its clients. “One of our institutional traders indicated to us that they had a bug in their trading algorithm, which appears to have caused the sell-off,” the exchange wrote in an email to many media houses.

“We are continuing to look into the event but understand from the trader that they have now fixed their bug and that the issue appears to have been resolved.” The flash crash happened on Binances US affiliate, Binance.US, precisely at 7.34 am New York time, according to the exchange. The effects of the plunge were seen on other crypto exchanges as Bitcoin price on rival Kraken sank to $54,000 momentarily before recovering quickly.

Coincidently, the flash crash on Binance.US happened after Binance Founder and CEO Changpeng Zhao recently warned investors about possible high crypto volatility in the coming months. Flash crashes on the crypto market, or other trading markets, are not a new phenomenon. Several other top crypto exchanges have suffered such incidents, mostly due to platform glitches.