Paxful, a peer-to-peer (P2P
Read this Term)
Bitcoin (BTC) trading platform
Read this Term, has returned online one month after suspending activities in its marketplace as a result of key staff exits and
regulatory challenges. The firm announced its reopening in a blog post.
“After a month away, we’re happy
to announce that the Paxful marketplace is back online,” the firm wrote, noting
that it took the decision to temporarily suspend its platform last month in order
“to protect all of our customers and Paxful’s future.”
𝙻𝙾𝙰𝙳𝙸𝙽𝙶 ▓▓▓▓▓▓▓▓▓▓ 100% pic.twitter.com/NEb29kbMKN
— Paxful (@paxful) May 8, 2023
“Over the last month, our team
has worked diligently to get the marketplace back online with the safety and
security of users paramount,” Paxful said.
In a statement announcing its
decision to shut down last month, Ray Youssef, Paxful’s Founder and CEO, noted
that all customer funds were accounted for. He also urged them to withdraw their
funds and self-custody.
Keep Reading
Additionally, Youssef said
Paxful was offering its users outside the United States “easy migration” to other platforms such
as Noones, which is a newly-established P2P platform dedicated to the Global
South.
“Throughout the suspension, the
Paxful Wallet remained fully operational for our users and the community were
also offered a selection of peer-to-peer platforms to continue trading on,”
Paxful explained in the new blog post.
Paxful was founded in 2015 and launched in the United States but focused its services on Africa, a region that has one
of the highest cryptocurrency adoption rates in the world.
Co-Founders at Loggerheads
Meanwhile, Youssef last month
told CoinDesk that he shut down the platform as a result of a lawsuit filed
against him and the company by Co-Founder Artur Schaback. Both executives also
disclosed to the outlet that their strained business relationship contributed to the move.
While Schaback, who worked as the
company’s Chief Operating Officer, accused Youssef of wrongfully terminating his access to company information and resources during his paternity leave, Youseff told CoinDesk that he dismissed Schaback as a result of his “incompetence and bad behaviour.”
Meanwhile, LocalBitcoins, a
Finland-based rival of Paxful which shut down two months before the P2P
platform went offline, remains inactive. LocalBitcoins had cited “a
very cold crypto winter” for its decision.
🧡💙 pic.twitter.com/4j5M7iZkaD
— LocalBitcoins (@LocalBitcoins) February 9, 2023
New Tickmill office; Orbex’s Kuwait campaign; read today’s news nuggets.
Paxful, a peer-to-peer (P2P
Read this Term)
Bitcoin (BTC) trading platform
Read this Term, has returned online one month after suspending activities in its marketplace as a result of key staff exits and
regulatory challenges. The firm announced its reopening in a blog post.
“After a month away, we’re happy
to announce that the Paxful marketplace is back online,” the firm wrote, noting
that it took the decision to temporarily suspend its platform last month in order
“to protect all of our customers and Paxful’s future.”
𝙻𝙾𝙰𝙳𝙸𝙽𝙶 ▓▓▓▓▓▓▓▓▓▓ 100% pic.twitter.com/NEb29kbMKN
— Paxful (@paxful) May 8, 2023
“Over the last month, our team
has worked diligently to get the marketplace back online with the safety and
security of users paramount,” Paxful said.
In a statement announcing its
decision to shut down last month, Ray Youssef, Paxful’s Founder and CEO, noted
that all customer funds were accounted for. He also urged them to withdraw their
funds and self-custody.
Keep Reading
Additionally, Youssef said
Paxful was offering its users outside the United States “easy migration” to other platforms such
as Noones, which is a newly-established P2P platform dedicated to the Global
South.
“Throughout the suspension, the
Paxful Wallet remained fully operational for our users and the community were
also offered a selection of peer-to-peer platforms to continue trading on,”
Paxful explained in the new blog post.
Paxful was founded in 2015 and launched in the United States but focused its services on Africa, a region that has one
of the highest cryptocurrency adoption rates in the world.
Co-Founders at Loggerheads
Meanwhile, Youssef last month
told CoinDesk that he shut down the platform as a result of a lawsuit filed
against him and the company by Co-Founder Artur Schaback. Both executives also
disclosed to the outlet that their strained business relationship contributed to the move.
While Schaback, who worked as the
company’s Chief Operating Officer, accused Youssef of wrongfully terminating his access to company information and resources during his paternity leave, Youseff told CoinDesk that he dismissed Schaback as a result of his “incompetence and bad behaviour.”
Meanwhile, LocalBitcoins, a
Finland-based rival of Paxful which shut down two months before the P2P
platform went offline, remains inactive. LocalBitcoins had cited “a
very cold crypto winter” for its decision.
🧡💙 pic.twitter.com/4j5M7iZkaD
— LocalBitcoins (@LocalBitcoins) February 9, 2023
New Tickmill office; Orbex’s Kuwait campaign; read today’s news nuggets.
