Amid calls for cryptocurrency users to adopt self-custodial wallets, Paxful exchange CEO Ray Youssef lends his voice, advising users to not store their funds in any centralized exchange.
Youssef asserted that Paxful platform will be sending an email every week to users advising them not to save on any exchange including Paxful.
There has been a surge in advocacy for self-custody wallets following the indiscriminate collapse of the FTX exchange due to mismanagement of user funds.
He denied the rumor that Paxful does not have enough proof of reserves, and added that the best means to protect clients’ money is self-custody.
He further alluded to the fundamentals of Bitcoin as initiated by its founding father Satoshi Nakamoto, which is largely against centralized control and manipulation.
While he advised users to embrace self-custody for their digital assets, Youssef maintained that users that choose to save their funds on Paxful are assured of ultimate safety.
SBF Makes Headline Again
While the actions and inactions of the former CEO of the collapsed FTX exchange Sam Bankman-Fried (SBF) led to the calls for crypto self-custody, the infamous entrepreneur is making headlines again as he has been slated in the list of witnesses.
Recall that the United States House Committee on Financial Services recently invited him for a Dec. 13 hearing, which he stylishly declined.
In a new development, SBF has finally agreed to voluntarily show up at the hearing with a view to providing helpful information on the FTX collapse even though he emphasized that he does not have access to his professional and personal data.
Also included in the list of witnesses is the new CEO of FTX, John Ray, who has also acknowledged to be present at the hearing.
Amid efforts by the authorities to uncover the factors leading to the FTX collapse, SBF and Binance CEO Chanpeng Zhao (CZ) engaged in a war of words over the FTX imbroglio.
