DailyCoin
Published Nov 25, 2021 01:57AM ET
Elon Musk Encourages Dogecoin (DOGE) Holders to Leave Centralized Exchanges
Centi-billionaire and long-time Dogecoin advocate, Elon Musk, has spoken up in favor of Dogecoin (DOGE) holders moving their coins off centralized exchanges.
Reacting to the “not your keys, not your crypto” post, Musk tweeted, “Exactly.” An earlier post from MyDoge CTO advised users to leave centralized exchanges like Binance. The original post reads:
The core focus of the @MyDogeOfficial vision is to break the dependence on CEXs like binance and robinhood and let #shibes take custody of their own coins!
— MyDoge CTO (@MyDogeCTO) November 23, 2021
This is not the first time Elon Musk has encouraged Dogecoin holders to move to decentralized exchanges. In February, Musk noted that any wallet that does not allow its users to control their funds should be “avoided at all cost.”
On The Flipside
Musk and Doge Vs. Binance
Musk’s renewed stance for Doge holders moving outside CEXs (including Binance) all started with an upgrade that has restricted Dogecoin holders from withdrawing funds from Binance. Some others have been asked to return funds that they never held.
The centi-billionaire joined the Doge community in calling out Binance, and the exchange’s CEO, Changpeng Zhao (CZ), on the technical issue. Although CZ has addressed the problem on Twitter (NYSE:TWTR), the withdrawal glitch has been extended by another week.
Why You Should Care?
While Dogecoin may be a meme coin without usability, the strength of the Doge community is unrivaled among crypto projects.
EMAIL NEWSLETTER
Join to get the flipside of crypto
Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.
[contact-form-7] You can always unsubscribe with just 1 click.
Continue reading on DailyCoin
Written By: DailyCoin
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.