The CEO of Paxful Advises Their Consumers to Transfer Their Bitcoin to Their Own Custody

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Last Updated on December 12, 2022 by Bitfinsider

CEO of cryptocurrency exchange Paxful Ray Youssef defied the norm by recommending users to migrate to self-custody. Users will transfer their bitcoins and other cryptocurrencies to external hardware wallets when they take self-custody.

Youssef announced in a tweet on Sunday that he would be urging Paxful users to transfer their bitcoins to self-custody in a weekly email.

Source: Twitter

Numerous cryptocurrency exchanges have taken steps to protect user assets ever since the FTX meltdown. To demonstrate that they have cryptocurrency assets on their platforms, others have started performing proof of reserve.

The top cryptocurrency exchange in the world, Binance, unveiled its proof of reserve frameworks last week. A new Proof of Reserves (PoR) page has also been introduced to the OKX exchange’s website. The exchange also unveiled its custodial wallet and offered information about OKX’s PoR audits.

Youssef claimed that he wants to distinguish himself from competitors in the bitcoin sector by endorsing self-custody. He stated: “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 user’s funds on his platform will never be touched, he continued. Youssef announced that he will be advising Paxful users not to keep their bitcoins on the platform or any other cryptocurrency exchanges in weekly emails.

Youssef reassured Paxful members that their assets are completely protected on the site despite his advice for them to concentrate on self-custody.

Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
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