P2P cryptocurrency platform Paxful reported that it has suspended its operations and it is unclear whether operations will resume.
Paxful suspends its transactions
Company CEO and co-founder Ray Youssef announced the suspension decision in a written message, noting that the suspension is likely to be permanent. In a message posted on his website, Youssef addressed key staff departures and regulatory challenges:
This will probably come as a big shock to many. While I can’t share the full story right now, I can say unfortunately that we have some significant staff departures… Also, regulatory challenges to the industry continue to increase, particularly in the P2P market and most heavily in the US.
What happens to the remaining cryptocurrency funds on Paxful?
According to the note, the Paxful Wallet will remain active to allow customers to receive their “all calculated” money. The post advised users to protect themselves after withdrawal and recommended Exodus Wallet and Muun Wallet as safe options.
Youssef said the main priority is to maintain the protection of client funds. Paxos has offered easy migration options to other peer-to-peer platforms for non-US users so that they can receive their funds quickly and securely. Ray Youssef is currently speaking about the decision on Twitter:
cryptocoin.comAs you follow, Youssef was known for his stance against popular altcoins such as Cardano, Ethereum and Monero.
Paxful is a platform that enables users to trade directly between users around the world using various cryptocurrencies, especially Bitcoin. It is known as one of the largest peer-to-peer (P2P) cryptocurrency exchanges in the world by volume.
Paxful was refunding users affected by Celsius collapse
In the March 29 announcement, Paxful announced that it would refund user balances that were affected by Celsius’ collapse last year. Its CEO, Ray Youssef, stated that users who hold funds in Paxful Earn will receive refunds for their balances in those accounts.
Youssef commented on the fact that court proceedings determined that Celsius Earn balances belonged to the bankruptcy estate. Noting that this decision “still does not suit me today”, he said it depends on the investments of individuals.
Paxful’s suspension decision comes amid regulatory pressure on the cryptocurrency market
Paxful’s latest move comes amid growing regulatory scrutiny towards the cryptocurrency industry, particularly in the US. It also highlights the need for more secure and reliable P2P cryptocurrency exchanges that can withstand regulatory pressures and ensure the security of clients’ funds.
Prior to Paxful, LocalBitcoins announced that the exchange would be shut down by the end of February. Long-running Bitcoin services were the first P2P trading platform for many Bitcoin users. This decision came as P2P Bitcoin traders and individual sellers came under intense scrutiny by US regulatory authorities.
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