P2P Marketplace Paxful Resumes Operations After Short Recess

0

Last Updated on 6 November 2023 by CryptoTips.eu

Leading peer-to-peer crypto marketplace Paxful has resumed operations after the platform packed up for a short while. The platform has been offline for about 30 days following an announcement by the CEO Ray Youssef.

In a blog post on the website in April, Youssef said the platform was folding up and asked users to withdraw all their funds.

Although he could not state the reason for closing at the time, reports reveal that it was due to allegations bordering on misappropriation of company funds, money laundering, and evasion of US sanctions against Russia involving the CEO and Co-Founder Artur Schaback.

While I cannot share the full story now, I can say that we, unfortunately, have had some key staff departures. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.

The blog post read.

Advertentie.

Paxful Back with Enhanced Security

Paxful users who were affected in any way by the suspension can now heave a sigh of relief as the platform is back and with enhanced security.

Over the last month, our team has worked diligently to get the marketplace back online with the safety and security of users paramount.

The company said in an update on the website.

In a tweet on Monday 8 May through its official Twitter handle, Paxful said it will restore functionalities to the platform over the next few days.

Youssef had announced the end of his time as CEO of Paxful at the time of the suspension, but it isn’t clear if a new CEO has been appointed since he is still listed as the CEO of the company on the website.

Another P2P Exchange Shutdown

Another P2P trading platform LocalBitcoins closed down shortly before Paxful announced it was shutting down as well. While Paxful is back, it appears that LocalBitcoins closed for good, but it may also be working on a comeback.

No reason was stated for LocalBitcoins’ shutdown, but it may also have something to do with regulatory actions. Both platforms are globally accessible destinations for trading Bitcoin and other digital assets with the aim of banking the unbanked.

Sentavio / Depositphotos.com

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
View all posts