The CEO of This Cryptocurrency Exchange Messaged His Clients: Withdraw Your Bitcoins!

Bitcoin trading platform Paxful CEO‘su told its customers to withdraw their cryptocurrencies from their platform.

Peer-to-peer Bitcoin trading platform Ray Youssef, CEO of Paxfulhas asked customers to remove their Bitcoins from the platform and keep them themselves.

Paxful CEO Ray Youssef Tells Customers To Withdraw Bitcoins And Other Cryptocurrencies

Youssef cited the collapse of Sam Bankman-Fried’s crypto exchange FTX as causing Paxful to urge its 11 million customers to keep their cryptocurrencies to themselves.

“I take great pride in protecting our community’s funds and, unlike others in our industry, have never touched our clients’ money,” Youssef said in an email to users.

“My only responsibility is to help and serve you. That’s why today I’m sending a message to all our users to move their Bitcoins to their storage.

You should not keep your savings on Paxful or any exchange and only keep what you trade there.”

Last month, as the collapse of FTX shook the markets, cryptocurrency exchange volumes jumped from October, with decentralized platforms rising 93% from $34 billion to $65 billion.

Centralized exchange volumes rose 24% from $543 billion in October to $673 billion.

Youssef added that when clients rely on platforms to protect their crypto, “you are at the mercy of these custodians and their moral values.”

“Bitcoin has finally given us a chance to take control and we should seize that,” Youssef said.

After all these developments, the stock markets began to announce their reserves. Bybit is the latest platform to offer a system for users to verify their assets following the FTX bankruptcy.

Crypto exchange platforms such as Binance and Crypto.com have also issued their own proof-of-reserve statements. These audits and transparency efforts have also come after massive withdrawal requests from customers who were concerned about the financial health of other crypto exchanges.

*Not investment advice.