Elon Musk Rebukes Changpeng Zhao Due To Dogecoin Withdrawal Restrictions On Binance

JAKARTA - Tesla founder Elon Musk on Tuesday, November 23, delivered a strong rebuke to Binance's Chief Executive, Changpeng Zhao, on Twitter after the cryptocurrency exchange restricted withdrawals of Dogecoin, a meme-based digital currency.

The cryptocurrency market has experienced major fluctuations this year, often in response to Musk's tweets. His comments about dogecoin have sparked a dizzying rally in the cryptocurrency's value this year.

“Hey @cz_binance, what happened to your doge subscribers? Sounds shady,” Musk tweeted on Tuesday, November 23.

Binance responded by saying it was rebuilding the dogecoin wallet completely, resulting in withdrawal delays that could continue for another week.

Binance, one of the largest cryptocurrency exchanges by trading volume, has come under scrutiny from regulators, according to reports.

The cryptocurrency has drawn the ire of regulators around the world but has managed to trade at record highs as investors rush to profit from wild price swings.

Global regulators fear the rise in privately operated currencies could undermine their control over the financial and monetary system, increase systemic risk, promote financial crime, and harm investors.