• Paxful, a peer-to-peer (P2P) cryptocurrency exchange, has resumed operations after shutting down in April.
• The decision to suspend operations was taken to protect customers and “secure the future” of the marketplace.
• Paxful CEO Ray Youssef addressed customers’ concerns about key staff departures and regulatory challenges in the P2P market.
Paxful Reopens After Suspension
Paxful, a peer-to-peer (P2P) cryptocurrency exchange, has resumed operations less than a month after shutting down. The company recently shared its joy in announcing the reopening of its cryptocurrency marketplace and expressed its commitment to ongoing development.
Reason for Suspension
The decision to suspend operations was “difficult” but explained that the decision was to protect customers and “secure the future” of the popular marketplace. This occurred in April after CEO Ray Youssef raised concerns about the safety of customer funds due to a lawsuit filed by co-founder Artur Schaback. It was revealed that the relationship between Youssef and Schaback had deteriorated over time, resulting in lapses in management and professionalism. Schaback expressed his desire to reach a settlement and exit the company, emphasizing the need for an impartial custodian as a tiebreaker to resolve the issue.
Services During Suspension
During the suspension, Paxful ensured its Paxful Wallet remained fully operational, allowing users to continue managing their funds. Additionally, users were offered alternative P2P platforms for trading activities.
Twirls of Uncertainty
Initially, there were uncertainties regarding resumption of operations but CEO Ray Youssef addressed these on their website citing key staff departures and regulatory challenges in US markets as well as P2P markets. He encouraged users to transition into self custody or explore other service providers like Bitnob – a Bitcoin payment processor.