Bitcoin trading platform Paxful CEO tells customers to get their crypto off its platform

Ray Youssef, CEO of P2P bitcoin trading platform Paxful, advised clients to withdraw their bitcoin holdings from the platform and transfer them to self-custody.

Youssef cited the collapse of Sam Benkman-Fried's FTX cryptocurrency exchange as a reason to urge Paxful's 11 million customers to self-custody.

"I take great pride in protecting our community funds and unlike other platforms in our industry, I have never touched our clients' money," Youssef said in an email to users. “My only duty is to help and serve you. That is why today I am asking all of our users to self-storage their Bitcoins. You should not store your savings on Paxful or any other exchange, but only what you trade here.”

Cryptocurrency exchange volumes jumped last month from October as the FTX crash rocked markets and decentralized platforms saw a 93% increase, doubling to $65 billion from $34 billion. Centralized exchange volumes rose 24% to $673 billion according to The Block. compared to $543 billion in October.

Youssef added that when customers trust platforms to store their cryptocurrencies, “You are at the mercy of these savers and their morality.”

“Bitcoin has given us a chance to finally take control of the situation, and we should take advantage of it,” Youssef said.