• Peer-to-peer crypto exchange Paxful is suspending its marketplace operations due to key staff departures and regulatory challenges.
• CEO Ray Youssef has urged customers to withdraw their funds from the platform, recommending self-custody wallets like Exodus and Muun.
• The Paxful Wallet will remain operational for customers to retrieve their funds.
Paxful Temporarily Suspends Operations
Peer-to-peer crypto exchange Paxful announced that it will be temporarily suspending its marketplace operations due to key staff departures and regulatory challenges. This follows the February announcement by LocalBitcoins that it would be shutting down.
CEO Urges Customers to Withdraw Funds
Paxful CEO Ray Youssef has encouraged customers to withdraw their funds from the platform, recommending self-custody wallets like Exodus and Muun as alternatives. He stated that the biggest priority at the moment is safeguarding customer funds and suggested withdrawing where possible.
Paxful Wallet Remains Operational
The Paxful Wallet will however remain operational for customers to retrieve their funds. Ray also stated that they are offering an easy migration service for non-US customers who want to trade on other P2P exchanges such as Noones, Bitnob and Yellow Card.
Regulatory Challenges Growing in Peer-to-Peer Market
Ray Youssef cited regulatory challenges for the industry in his post, particularly in the peer-to-peer market, especially in the U.S., as one of the reasons why they had taken this decision of suspending operations temporarily.
Uncertainty About Exchange Resuming Operations
The CEO however did not give a timeline about when or if Paxful’s services will resume operations again leaving some uncertainty among users of the platform about when they can expect services to resume on this exchange again after suspension