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- Paxful CEO Ray Youssef announced that the crypto market will shut down its operations.
- The chief executive attributed the decision to U.S. regulatory challenges and the departure of key employees.
- The platform has assured its clients that their funds are safe and can be withdrawn.
Peer-to-peer cryptocurrency marketplace Paxful will shut down its operations. CEO Ray Youssef, who founded the platform in 2015, announced earlier today that the departure of key staff and regulatory challenges in the US had forced his decision to suspend the market.
Paxful Wallet will continue to operate to process customer withdrawals
According to Ray Youssef on Paxful website, the platform’s management has opted for the “safest option” to suspend operations while it resolves issues in the crypto industry. The CEO encouraged his clients to explore self-regulation in the meantime. Youssef assures his clients that their funds are safe and advises them to self-custody after withdrawing funds.He advises users to use Exodus Wallet and Muun Wallet, and recommends platforms including Noones and Bitnob for customers living outside the US
“Paxful is suspending its marketplace. We’re not sure it’s coming back.”
CEO Ray Yusuf
in a twitter space At a conference earlier today, Yusuf revealed that despite the fact that compliance staff make up a quarter of his company, regulators in the US cannot meet. “Regulators still don’t understand this. They’re getting more suspicious every day,” he added. He also highlighted a lawsuit brought by Paxful co-founder Arthur Schaback, which reportedly prompted the departure of the company’s top management. According to Youssef, the lawsuit puts the platform’s security at risk.
Paxful has become the second cryptocurrency platform to cease operations this month.The news comes shortly after the crypto exchange Bitrex announced that it would close its operations in the United States, citing the country’s economic environment and regulatory uncertainty.
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