Spindulys Youssef, CEO and co-founder of Paxful, has asked investors on centralized crypto exchanges to withdraw their holdings. Youssef also revealed contentious measures the exchange will take in the aftermath of the FTX collapse.
In a Twitter thread this week, Youssef reiterated “self-custody.” He said, “I’m messaging all of our users to move your Bitcoin to self-custody. You should not keep your savings on Paxful, or any exchange, and only keep what you trade here.”
The chief of the US-based peer-to-peer platform is not happy with people relying on others holding their money. To make a point, he underlines the 2008 subprime crisis and the recent FTX collapse. He argues, ” you’re at the mercy of these custodians and their morals.”
Source: https://beincrypto.com/why-this-crypto-exchange-chief-asked-investors-withdraw-holdings/