P2P Marketplace Paxful Suspends Operations
The peer-to-peer marketplace was closed without prior notice and is "not sure if it will come back."
- UPDATED (16:06 UTC): Paxful CEO Ray Youssef went live on Twitter Spaces to elaborate on the situation.
- "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."
- "All customer funds are all accounted for. Please withdraw them and if you can - self-custody."
- According to some Reddit users, "there might have been a Zoom meeting yesterday where it was announced Paxful was shutting down in 8 hours."
- Some users still appear to be stuck in unresolved disputes.
- According to @Pledditor, there might be a "very messy legal battle going on."
Pledditor Thread / Archive
Paxful Post / Archive
Paxful Reddit
