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CEO of Tesla, Elon Musk, criticized crypto exchanges after having a brief spat with Changpeng Zhao, the CEO of Binance. The centibillionaire supported withdrawing money from centralized trading systems. This will help Dogecoin holders to have control of their private keys.

Elon Musk has been supporting the “not your keys, not your crypto” crowd for a while now. In a tweet in February, Musk said that users should avoid any crypto wallet that users them from controlling their funds.

Back then, Elon Musk posted a meme about Mt.Gox. The now-defunct crypto exchange lost crypto worth 850,000 BTC in the devastating hack that happened in 2014.

Crypto holders are worried about holding their crypto on exchanges due to potential hacks or other negative experiences. However, some people believe that newcomers shouldn’t self-custody their crypto because they may lose their funds due to the cumbersome process.

Also, Musk advised crypto holders last month. He urged them not to gamble their farm on cryptos amidst the peak of the Shiba Inu mania.

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