Paxful, a peer-to-peer crypto exchange, went online in May after suspending operations in April. In the process, CEO Ray Youssef left his job. The former CEO of the exchange, Youssef, has now issued a warning about Paxful.
Former CEO warns of crypto exchange!
Regulatory challenges in the US have given Paxful a hard time this year. In April, then-CEO Ray Youssef announced the cessation of operations. However, Paxful made a comeback in May. Former CEO Youssef has issued a warning message about his supplement company. Youssef claimed that Paxful removed the ‘Proof of Reserve’ document from its site. This document shows how much cryptocurrency the exchange holds in its wallets. It was recommended by Binance CEO Changpeng Zhao after the FTX collapse. Youssef said in a post on his Twitter account:
Paxful has removed the reserve evidence. I request everyone to stop trading until we know the truth of this matter! This is not financial advice. Interestingly, however, we have always provided full transparency on reserves when I ran the company! That’s the general consensus on this, folks!
Meanwhile, a user responding to a Paxful tweet said, “Good story. Is the freezing of millions of dollars in client funds part of the “recovery” or not? Bitcoiners know: Don’t trust, verify,” he said. In response to this user’s tweet, Ray Youssef stated:
I don’t trust lawyers. Paxful currently only pays legal bills. No African or non-American should trust any IS company. Don’t say you’ve been warned now, folks. My reputation is worth more than my shares in any company.
Shutting down in April, Paxful is back in May
cryptocoin.com As we reported, Ray Youssef said he took his “final action” as CEO after helping unfreeze 88% of certain users’ accounts in the midst of the service suspension. Paxful was back online in May, after suspending operations in April.
Paxful says its team is restarting the market after more than 30 days. The platform explained that its wallet “remains fully operational” during the suspended service. However, it was unclear how Paxful plans to move forward. “Over the past month, our team has worked diligently to bring the marketplace back online with the safety and security of users paramount,” Paxful said in May.
Court records in March showed that Paxful CEO Ray Youssef and co-founder Artur Schaback filed charges against each other for embezzlement of company funds, money laundering and breaching of US sanctions against Russia before the marketplace was suspended. Youssef later stated in a blog post that there would be “key staff breakups”. He also blamed the regulatory environment in the US as the reason for the shutdown.
The platform has been largely silent on social media since the announcement. Ray Youssef said he took his “final act” as CEO in April. He then left his job at the company.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.