Paxful Shuts Down

One of the biggest, and one of the few remaining peer to peer crypto exchange, has suddenly closed down.

Customers have received a message from Ray Youssef, the Founder, who announced “Paxful will be suspending the market place. We are not sure if it will be back.”

“While I cannot share the full story now, I can say that we unfortunately have had some key staff departures.

Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S,” Youssef said.

There is no further information in regards to this sudden and unexpected closure of the peer to peer exchange which was used in Africa in particular.

Paxful built a number of schools there with bitcoin, and just last week they announced they would make Gemini Earn customers whole.

Two days ago however Youssef stated: “We are having intermittent issues with wallet deposits and sendouts at Paxful. I’m not sleeping this weekend and on it.”

In his closing down statement, he said “all customer funds are all accounted for,” while asking customers to withdraw to self custody, other exchanges, or a little known new P2P platform called Noones from the Built With Bitcoin team.

Some have also pointed to a lawsuit in US by a seemingly Paxful shareholder regarding an alleged transfer, though there’s no clarity in regards to whether that is the cause.

Only Localbitcoin now remains as a major peer to peer crypto exchange as a crypto era of sorts comes to an end.

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• Source: https://www.trustnodes.com/2023/04/04/paxful-shuts-down