CEO and co-founder of Paxful, Ray Youssef, working on delisting CEXes from the platform CEXes have had a bad year and multiple crypto firms have collapsed Centralized crypto exchanges around the world are still reeling from the fallout of FTX’s collapse. As a result, investors and traders have exercised caution with their funds on these […]
“My sole responsibility is to help and serve you. That’s why today I’m messaging all of our [Paxful] users to move your Bitcoin to self-custody. You should not keep your saving on Paxful, or any exchange, and only keep what you trade here.”
Ray Youssef further assured his users that the conduct of Paxful was not like “others in the industry”, meaning that his platform did not use customer funds for lending or any other purposes. The platform is also reportedly working on delistingStakeholders in the crypto industry have developed a distrust for centralized platforms this year. Users are no longer sure about the safety of their funds, since platforms halt withdrawals amid precarious financial situations.
To address this issue, exchanges have published their Proof-of-Reserves, which outlined the assets held by them. This reassured customers that the platform is indeed solvent and their funds are safe. The need for PoR grew significantly following FTX’s downfall. Paxful revealed its proof-of-reserve back in 2020, and pWe have had proof of reserves since 2020 but that is never enough, no where near. Every exchange must make maximum effort to protect their customers money and the ONLy way to do that is self custody. Bitcoin fixes this.Subscribe to get it daily in your inbox.
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