Elon Musk urges DOGE holders to leave CEX exchanges

Thu 25 Nov 2021 ▪ 17h54 ▪ 3 min read — by Mary Anderson

The chief of crypto-dogs, engineer, billionaire, head of Tesla and SpaceX, Elon Musk, called on Dogecoin holders to leave centralised exchanges (CEX).

Technical problems?

Elon Musk raises a new wave of protest in the cryptocurrency market. After a recent dialogue with the founder of the world’s largest cryptocurrency exchange Binance Changpeng Zhao (CZ), about the problems faced by DOGE holders within Binance, the head of Tesla urged the hodlers of his beloved memecoin to leave centralised trading platforms offering digital asset exchange services.

It all started with the fact that some time ago, Binance users faced several problems, including being unable to withdraw their DOGE. This can be connected with the situation when, after updating Dogecoin, some users suddenly received DOGE coins out of nowhere, and Binance demanded their return and even banned the withdrawal of this cryptocurrency.

Not your keys, not your crypto

In light of these events, Elon Musk turned to Binance. However, the official representative of the exchange, and then CZ himself, replied that the fault was in technical problems, which the trading platform was already dealing with. However, Mask was not convinced by the answer and called CZ’s version into question.

Drawing attention to the situation, a Twitter user MyDoge CTO advised DOGE holders not to use centralised trading platforms. One of his readers responded to this statement with the words “not your keys, not your crypto”, pointing out the high degree of insecurity of the users of CEX exchanges, which own the keys to their clients’ wallets. Also, this phrase is used to encourage users to withdraw their digital assets from exchanges to check their solvency.

The statement above was supported by Elon Musk. Earlier, in February, the head of Tesla already urged users to be careful with centralised exchanges, advising enthusiasts to “avoid at all costs” any wallet that does not allow a user to control their funds.

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Mary Anderson

I am sure that crypto assets are a new type of economy. We are at the origins of the crypto revolution. Right now, it is worth studying what cryptocurrencies and the blockchain are in order to make the most of this knowledge and these skills in the future.

DISCLAIMER

The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.

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