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Tuesday, June 25, 2024

Paxful Reopens a Month After Suspending Marketplace

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Popular peer-to-peer (P2P) marketplace Paxful is back online after shutting down services in April 2023.

While the platform was suspended, the Paxful Wallet remained active.

  • Paxful, in a blog post on May 8, announced the resumption of the marketplace a month after the platform closed down. An excerpt from the announcement reads:

“We know it has been a difficult time for many of our users, who were understandably surprised by the sudden suspension, however, we are delighted to be back so that we can continue to serve millions of people without financial access.”

  • As previously reported by CryptoPotato, the Bitcoin P2P marketplace shut down in April 2023 while the wallet remained operational. Before the platform’s troubles came to light, Paxful was one of the most prominent P2P marketplaces in the industry, with over six million users globally.
  • Meanwhile, Paxful co-founder and former CEO Ray Youssef mentioned regulatory hurdles for the P2P market as part of the reason for the marketplace shutdown.
  • Youssef also cited key staff departures, adding that a legal tussle between him and another co-founder Artur Schaback further contributed to the forced closed down of the company. Youssef described Schaback’s litigation as “nasty,” stating that the executive sued both the former CEO and the company because he was upset.
  • Shortly after Paxful’s suspension, Youssef said he was working towards refunding customers from his pocket to avoid jail time.
  • Before the revival of the marketplace, Paxful was able to unfreeze 88% of customers’ accounts, leaving 3% still frozen.
  • On April 18, the CEO announced his resignation from the top position.

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