Paxful CEO Ray Youssef Promotes BTC Self-Custody

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Ray Youssef, Chief Executive Officer (CEO) of peer-to-peer Bitcoin (BTC) marketplace Paxful has decided to argue in support of BTC self-custody.

This behavior of Youssef is nowhere in sync with what many executives have been doing since the implosions of the FTX Derivative exchange and the exit of its CEO, Sam Bankman-Fried. 

Contrary to Youssef’s theory, many CEOs have doubled their effort to assure users of the safety of their funds on their exchange. So many crypto-inclined firms have published the result of their proof-of-reserve study to allay the fears of their users. Firms like Kraken, Binance, Gate.io, and Crypto.com amongst many others have all published copies of their proof-of-reserve.

FTX Implosion Influences Instability of Crypto

It is quite disheartening that Sam Bankman-Fried has misplaced the trust that investors once had in crypto exchanges to safeguard their funds. After news that the CEO mishandled customers’ funds through Alameda Research, the whole crypto industry went into a hush and investors have become skeptical about the prospect of the ecosystem. 

Youssef who is in charge of Bitcoin for about 11 million people did not leave out his exchange Paxful in his advice. He stated that he “Will be sending an email every week strongly advising our people to never keep savings on any exchange, including @paxful This is the way! Self custody your savings ALWAYS!”

Speaking of the action which SBF took, Youssef clarified that he never tampers with customers’ deposits. With this, he mentioned that he is quite different from so many others in the industry.

“My sole responsibility is to help and serve you. That’s why today I’m messaging all of our [Paxful] users to move your Bitcoin to self-custody. You should not keep your saving on Paxful, or any exchange, and only keep what you trade here,” he announced, adding that “you’re at the mercy of […] their morals.”

On the other hand, Youssef also sent a note of assurance to users who wish to continue keeping their digital assets with Paxful. The crypto exchange plans to delist Ethereum (ETH) from its catalog of tradable assets on the premise of a lack of integrity.

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