In the past, we have witnessed that many crypto money platforms have been closed. This was caused by developments such as the general declining sentiment in the market and the wrong management choices. Now, news has come of the closure of a platform that offers peer-to-peer (P2P) trading. Here are the details…
Cryptocurrency platform Paxful has decided to shut down
Paxful, the Bitcoin marketplace operating on a peer-to-peer basis, has publicly announced its decision to shut down. The company advises its users to withdraw their funds from the platform. Paxful CEO and co-founder Ray Youssef acknowledged in a blog post that the decision to shut down the platform may come as a surprise to some users. However, he assured that all client funds are safe. He urged customers to withdraw their funds from the platform, choosing their own custody option if possible.
In addition, Youssef tweeted on March 5 that he will not withdraw his own Bitcoins until all users on Paxful have withdrawn their BTC. Moreover, the image attached to the side of the tweet highlights that Youssef currently only has 2.3 BTC. Therefore, one of the followers stated that “this is definitely not all your Bitcoin”. In response, the CEO said, “I keep the coins myself. I only keep what I want to sell on any exchange. I also receive my salary in BTC,” he said.
Regulatory challenges behind shutdown
According to the announcement post, Paxful’s decision to close was associated with “regulatory challenges for the industry” and “leaving key personnel”. However, during a Twitter chat, Youssef revealed that the platform’s shutdown was impacted by a lawsuit brought against him and the company by one of its co-founders. Youssef revealed that he is facing a legal suit brought by his co-founder, who was dismissed from the company a year ago.
According to CourtConnect, although he didn’t explicitly name the person in question, according to experts, Youssef is likely cryptocoin.com As we reported, he was referring to Paxful co-founder Artur Schaback. Schaback filed a lawsuit against Youssef in Delaware Chancery Court in January. Meanwhile, a Paxful spokesperson refused to confirm the plaintiff’s identity, citing the ongoing lawsuit in which Paxful is a defendant, but acknowledged that Schaback is the company’s co-founder and current board member.
Paxful was a peer-to-peer (P2P) cryptocurrency platform that allowed people to buy and sell Bitcoin and other cryptocurrencies using a variety of payment methods such as wire transfers, gift cards, and online wallets. Paxful was founded in 2015 and is headquartered in New York. The platform aimed to make cryptocurrency trading as accessible as possible by offering more than 300 payment methods and supporting transactions in over 160 currencies. Paxful also offered a variety of educational resources to help users learn more about cryptocurrency and Blockchain technology.
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