Paxful terminates its marketplace

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Key takeaways:

  • Founder and CEO Ray Youssef declared the suspension of the Paxful marketplace.
  • Youssef stated that users will still be able to access their money through the Paxful Wallet.

One of the biggest peer-to-peer (P2P) cryptocurrency exchanges in the world in terms of volume, Paxful, has declared the suspension of its market. 

Crypto influencer @callebtc shared a screenshot of the dialog. The notice that was sent said—–“Paxful will halt its marketplace today. We are uncertain as to whether it will return.”

Youssef stated that he was unable to go into further depth regarding the factors that led to the suspension decision. He did, however, note that some important employees had left.

The decision was made for other reasons, such as regulatory issues for the sector and key staff departures, according to the CEO. Youssef issued a statement that read, “We have chosen the most secure option and ask you to consider self-custody and trade elsewhere while we work through these issues.”

The announcement states that customers will still be able to access their “all accounted for” funds through the Paxful Wallet, which will stay operational. The message recommended Exodus Wallet and Muun Wallet as secure choices and advised users to exercise self-custody after withdrawals.

Youssef stated that maintaining customer funds’ security is the top concern. For non-US users, Paxos provided simple migration options to other peer-to-peer platforms so they could swiftly and securely reclaim their funds.

At the time of writing Ceo Ray Youssef is in conversation with @bradmillscan of Magic Internet Money podcast to provide more closure about the situation.

The community has bombarded the CEO, who broke the news, with dozens of queries about withdrawal and the security of user funds. 

The CEO reiterates that the funds will be sent to anyone who wants to withdraw them as soon as possible, and he asks the community to be patient. 

The marketplace suspension news comes just a few days after Paxful announced that it would reimburse Earn users for lost Celsius funds.The CEO guaranteed that the money would be returned to all impacted Paxful users and that it would be available in those users’ wallets in the coming days.

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Aadrika Sharma
Aadrika Sharma

I enjoy writing and try to learn new things every passing day!

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