Ray Youssef, the CEO of crypto exchange Paxful, sided with the idea of self-custody as he took responsibility for over 11 million users.
In a Twitter post, Youssef distanced himself from “others in the industry,” reiterating that he never touched investors’ money. His tweet reads, ”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.”
The Paxful CEO will send weekly emails to users strongly advising against storing cryptocurrencies on all crypto exchanges, including Paxful. The entrepreneur further highlighted the problem with trusting custodians such as SBF, stating that “you’re at the mercy of […] their morals.”
Youssef stated that BTC as an asset — is shielded from centralized control and manipulation. He also pointed out this unique opportunity that Bitcoin brings to the table — “the chance to finally be in control.”
While he strongly advised users to take total control over their assets, Youssef assured their funds’ safety for investors that choose to store their Bitcoin on Paxful. The CEO is making this known after the recent bankruptcy of Sam Batman Fred’s FTX.