bitcoin Paxful, one of the world’s largest peer-to-peer (P2P) platforms for commerce, announced that it is suspending its marketplace indefinitely, citing significant staff separations and legal challenges.
Paxful CEO Suspends Platform Operations Citing Regulatory Uncertainty and Employee Separations in the US
Paxful founder and CEO Ray Youssef said in a message on his website that he “can’t share the full incident at this time,” but clarified that there are “key personnel departures” affecting the company’s operations. He also said that the regulatory environment for the crypto industry is becoming increasingly difficult, especially in the P2P market and in the US.
Youssef urged customers to withdraw their cryptocurrency funds to their self-custodial wallets as soon as possible, adding that “all customer funds will be taken into account” and that Paxful will process all pending transactions and disputes. He apologized for the inconvenience and thanked the Paxful community for their support over the past eight years.
It is unclear whether Paxful will continue to operate in the future. Youssef said he hopes to “come back stronger than ever”, but added that “this will probably be a big shock to many” and “could be permanent”.
Paxful was founded in 2015 and claims to have over 7 million users worldwide. It offered a variety of payment methods for buying and selling Bitcoin, including wire transfers, gift cards, online wallets, and cash.
Paxful recently delisted Ethereum (ETH), the second largest cryptocurrency by market cap.
The reason for the delist transaction was explained by Paxful’s founder and CEO, Ray Youssef, in a message sent to the platform’s users and Twitter. Youssef cited the switch to the proof-of-stake mechanism as the source of ETH’s delisting.
*Not investment advice.
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