Ray Youssef – Chief Executive Officer of crypto platform Paxful – said customers should never keep their bitcoin holdings on centralized exchanges.
Instead, they must self-custody their possession to prevent becoming victims in another crash similar to the FTX one.
Don’t Trust Centralized Entities
Youseff urged market participants to store their bitcoin in self-custody wallets. He said he feels responsible for Paxful’s millions of users, hence his recommendation:
“As CEO of Paxful, I am responsible for the bitcoin of over 11 million people. I take great pride in protecting our community’s funds, and, unlike others in our industry, I have never touched our customers’ money.”
Ray Youssef, Source: City AM
He said clients should only keep the cryptocurrencies they trade on platforms, while the rest should head for cold storage. Youssef vowed to send weekly emails to customers in a bid to hammer in the importance of this.
The CEO stated the 2008 bank crisis and the recent
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