Paxful CEO advised users to transfer their Bitcoin holdings to Self-Custody Wallets.
Ray's assertions came in light of the meltdown of the crypto exchange FTX.
Ray praises Bitcoin for its decentralized structure.
Trust in centralized networks. The exchanges had mismanaged the users’ funds which prompted users to opt for custodial wallets to store their holdings.
In line with this, the P2P bitcoin trading platform Paxful urges users to self-regulate their Bitcoin holdings. The platform's CEO and co-founder Ray Youssef asserted that users should not deposit crypto assets on Paxful or any other exchange except the tokens they trade there.
Paxful, with a 6 million user base, is a popular peer-to-peer marketplace for buying and selling Bitcoin utilizing 350+ payment methods. The platform was founded in 2015 and has its headquarters in New York.
In a December 11 tweet, Ray noted that “he will be sending an email every week strongly advising his followers to never store funds on any exchange, including Paxful. This is the way to go! Always hold your savings in your own hands!”
The primary reason for Ray's accusations is the collapse of the crypto exchange FTX, which used users' funds for their own benefit. Meanwhile, Ray pointed out that they never utilized user funds for personal purposes.
The second reason behind Ray’s advice is that there is still no crypto regulation in place to regulate crypto exchanges and oversee users' funds. Since trust in centralization has been lost after the FTX meltdown, users are turning to decentralized exchanges like Paxful and non-custodial wallets to trade and store cryptocurrencies.
That’s why Ray praises Bitcoin, the top cryptocurrency, for its decentralized structure. Ray asserted that BTC offers individuals the ability to ultimately gain control of the crypto asset.
In the past few weeks, several crypto experts advised crypto investors to transfer their crypto holdings to decentralized platforms or non-custodial wallets, which offer users complete control over their assets.
Meanwhile, the broader crypto market is currently looking for strict crypto regulations which will regulate the operations of crypto exchanges and safeguard users’ funds.
What are your thoughts on Ray Youssef's advice, and which platform will you choose to store your crypto holdings? Share your views in the comment section below.