Elon Musk Wants Dogecoin Investors to Be Protected; Blasts Binance CEO Zhao for Limiting Withdrawals

Musk on Tuesday took to Twitter to blast Zhao after the cryptocurrency exchange limited withdrawals of Dogecoin.

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Elon Musk has blasted Binance Chief Executive Changpeng Zhao on Twitter saying something "shady" may be brewing after the cryptocurrency exchange limited withdrawals of meme-based digital currency Dogecoin. Binance has been making headlines for all the wrong reasons lately and this time it has left Musk fuming.

Although Musk has lately slowed down promoting the Shiba Inu themed cryptocurrency, his tweet on Tuesday once again proves that the Tesla CEO and SpaceX boss is still batting for the cryptocurrency. The cryptocurrency market has seen major fluctuations this year and Musk has played an important role in making many meme-coins and cryptocurrencies reach dizzying heights with his tweets.

Musk Takes on Zhao

Elon Musk doge

Musk on Tuesday took to Twitter to blast Zhao after the cryptocurrency exchange limited withdrawals of Dogecoin. "Hey @cz_binance, what's going on with your doge customers? Sounds shady," Musk tweeted on Tuesday.

Musk's tweet was immediately rewteeted by thousands particularly because he pointed that Binance's activities look "shady." In defense, Binance responded saying that it is rebuilding its Dogecoin wallet entirely, which has resulted in a delay in withdrawals that may continue for another week.

Binance has been claiming that there is nothing 'shady' in its dealings and things will be fine once the technical glitch is sorted. Musk has been advocating that investors in his preferred currency, Dogecoin, "should be protected from errors that are not their fault" and Tuesday's tweet was just another way of expressing his concern for the cryptocurrency. Dogecoin withdrawals have been facing an issue since November 10, when its network was upgraded. Following the roadblock, Binance next day said in a statement that a "very small number of users" were affected.

They explained that some previously failed Dogecoin withdrawal transactions got resent after the update, and "we are kindly requesting those users to return the assets."

Binance Under Scanner

Although Binance has been defending itself, it has come under scrutiny from regulators, according to reports. Binance, one of the largest cryptocurrency exchanges by trading volumes, said that it's really frustrating that a technical glitch is causing an issue with Dogecoin withdrawals and is likely to continue for another week.

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Cryptocurrencies have drawn the ire of regulators worldwide and yet managed to trade at record highs as investors rush to profit from wild swings in prices. Global regulators worry the rise in privately operated currencies could undermine their control of the financial and monetary systems, increase systemic risks, promote financial crime and hurt investors.

That said, Musk's tweet has often impacted the price movement of cryptocurrencies. In an interview in May 2021, he mentioned, that cryptocurrency may be the future. "There is a good chance that crypto is the future currency of the world. Then the question is which won is it going to be? It could be multiple," he had said.

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