Ray Youssef, founder of peer-to-peer (P2P) cryptocurrency exchange Paxful, reported that five bank accounts have been closed. Youssef says that this barrier lays the groundwork for the use of cryptos.
Crypto CEO banned at these 5 banks
In a tweet on March 20, Ray added that his close friends were also targeted and were banned from opening a bank account. For this development, the founder claims there could be more risk of discrimination if the central bank starts issuing cryptocurrencies (CBDCs). In his own words:
I lost five of my bank accounts and now my friends are losing their bank accounts by association. No matter how bad this is, this economic divide will turn into outright apartheid in the west with the CDBCs. They could hack an entire social cluster just because someone uses Bitcoin.
CBDCs are a form of digitized money controlled by the central bank and made available on a private or public blockchain depending on their production needs. These tokens will allow central banks to distribute funds directly to citizens without the use of intermediaries such as regional banks.
Central authority blocks the use of crypto
While this innovation is a laudable and progressive move, the centralized nature of CBDCs and the central bank’s ability to monitor citizens’ bank accounts further empowers governments. A concern that Youssef shared after losing their account and one of his partners was banned from opening a bank account because he was “using Bitcoin”.
It is not immediately clear why Youssef lost his accounts and where those bank accounts are. At the same time, he did not disclose the amount he transferred to other crypto-friendly banks, including Bitcoin.
Argentina representative of the Paxful crypto market
Paxful is one of the largest peer-to-peer (P2P) exchanges in the world. Some accused the founder of losing bank accounts, saying it should have been low-profile. While what banks do is illegal, his online presence and comments on crypto make him an easy target, especially considering his affiliation with the P2P crypto exchange.
Last week, amid the banking crisis in the US, Paxful took over $35 million in crypto transactions from users. The platform is widely used in countries where inflation is tough, such as Argentina, Venezuela, and sub-Saharan Africa.
Recent data show that inflation in Argentina has risen above 100% for the first time since the end of hyperinflation in the 1990s. In December 2022, Paxful removed Ethereum from its platform. The founder stated that Blockchain has become a security and centralized after PoS transition.
Date clarified for Ethereum Shanghai hard fork
cryptocoin.com As we have reported, it has been decided that the Shanghai upgrade will be implemented on April 12. On this date, withdrawals of ETHs locked on the Ethereum network in 2020 will become active. Paxful said it could not support this mechanism, citing the switch to PoS.
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