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.
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.
Read More: Here’s Why Elon Musk Changed Twitter’s Logo To That Of Dogecoin (DOGE)
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.
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.
Also Read: U.S. Job Openings Record Lowest In Two Years; Slips To 9.9 Million In February
The Bitcoin price has hit a new all-time high, after staging a monstrous rally since…
Bitcoin (BTC) is in profit on almost all of its supply, leading to discussion by…
Pro-crypto Mike Selig is reportedly the frontrunner to become the next chair of the U.S.…
Nate Geraci, president of Novadius Wealth Management, has predicted that several crypto ETF filings could…
Bitcoin-backed stocks of Strategy can now be accessed on Robinhood. This represents a significant move…
The Bitcoin ETFs have seen a huge turnaround this week, recording their largest weekly inflows…