Breaking: Paxful Shuts Down Crypto Exchange; CEO Says “Not Sure If It Will Come Back”
Paxful, which is counted as one of the world’s largest peer-to-peer (P2P) cryptocurrency exchanges as measured by its trading volume, has announced that the company will be suspending its marketplace. Ray Youssef, who is both the founder of the company and its current CEO, posted the announcement on their official website. He stated that the decision was made due to key staff members leaving the company as well as regulatory problems facing the industry.
Paxful Suspends Trading Operations
Youssef asserts that all customer funds are safe and customers will be able to withdraw using their Paxful Wallet which will continue to function normally despite the change. Furthermore, the company is providing an easy migration for customers who are not located in the United States. These options include Noones, a new P2P exchange dedicated to the Global South and Bitnob, which makes it easier for African citizens to connect with Bitcoin.
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While speaking about the suspension of services, Youssef was quoted as saying:
The Paxful Wallet will be up for customers to retrieve their funds. Right now, safeguarding customer funds is my biggest priority.
Growing Crypto Crackdowns
The revelation of Paxful’s suspension comes at a time when regulators are increasing their surveillance of cryptocurrency businesses operating in the United States. This action by Paxful draws attention to the problems that are currently being faced by the industry as well as the significance of self-custody for retail investors. As more crypto exchanges cease operations, it will be interesting to see which one comes next.
In light of this news, the price of Bitcoin slipped marginally and is currently exchanging hands at $27,986, which represents a drop of 0.42% in the past one hour as compared to a decline of 0.38% recorded over the past 24 hours.
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