{"id":71345,"date":"2022-12-12T17:05:18","date_gmt":"2022-12-12T15:05:18","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=71345"},"modified":"2025-09-08T08:09:59","modified_gmt":"2025-09-08T05:09:59","slug":"paxful-ceo-urges-self-custody-of-bitcoin","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/paxful-ceo-urges-self-custody-of-bitcoin\/","title":{"rendered":"Paxful CEO Urges Self-Custody of Bitcoin"},"content":{"rendered":"<p>Ray Youssef, CEO of Paxful, a P2P platform for trading Bitcoin, has urged investors to self-custody Bitcoin rather than keeping funds on centralized exchanges.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Will be sending an email every week strongly advising our people to never keep savings on any exchange, including <a href=\"https:\/\/twitter.com\/paxful?ref_src=twsrc%5Etfw\">@paxful<\/a> This is the way ! Self custody your savings ALWAYS! <a href=\"https:\/\/t.co\/DI95Gaa5Y6\">pic.twitter.com\/DI95Gaa5Y6<\/a><\/p>\n<p>\u2014 Ray Youssef (@raypaxful) <a href=\"https:\/\/twitter.com\/raypaxful\/status\/1601934200893997057?ref_src=twsrc%5Etfw\">December 11, 2022<\/a><\/p>\n<\/blockquote>\n<p> <script async=\"\" src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;As Paxful\u2019s CEO I am responsible for the bitcoins of more than 11 million people. I am very proud to defend the community\u2019s funds and, unlike others in the industry, I have never touched our customers\u2019 money,&#8221; he wrote.<\/p>\n<\/blockquote>\n<p>He urged users to self-custody their holdings. In his view, exchanges should only hold assets intended for trading.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;Why? People have trusted others with their money for too long, but, as we have seen with banks in 2008 and <a href=\"https:\/\/forklog.com\/en\/news\/how-the-collapse-of-ftx-and-alameda-research-will-affect-the-crypto-industry\">recently with FTX<\/a>, you become dependent on these custodians and their morals,&#8221; he explained.<\/p>\n<\/blockquote>\n<p>According to Youssef, if users choose to keep their Bitcoin on Paxful, their funds will be safe. He also pledged to continue advising his customers weekly not to keep savings on any exchange.<\/p>\n<p>Earlier, hardware-wallet makers Ledger and Trezor <a href=\"https:\/\/forklog.com\/en\/news\/ftx-collapse-drives-record-hardware-wallet-sales\">reported a substantial surge in sales<\/a> of devices in the wake of the FTX collapse.<\/p>\n<p>Earlier in November, Binance CEO Changpeng Zhao and former MicroStrategy head Michael Saylor <a href=\"https:\/\/forklog.com\/en\/news\/changpeng-zhao-and-michael-saylor-call-for-self-custody-of-crypto-assets\">urged self-custody<\/a> of digital assets.<\/p>\n<p>Follow ForkLog\u2019s Bitcoin news on our Telegram \u2014 cryptocurrency news, prices and analytics.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ray Youssef, CEO of Paxful, a P2P platform for trading Bitcoin, has urged self-custody of Bitcoin rather than keeping funds on centralized exchanges.<\/p>\n","protected":false},"author":1,"featured_media":71346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,1526,1157],"class_list":["post-71345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-paxful","tag-storage"],"aioseo_notices":[],"amp_enabled":true,"views":"22","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=71345"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71345\/revisions"}],"predecessor-version":[{"id":71347,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/71345\/revisions\/71347"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/71346"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=71345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=71345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=71345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}