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HomeCryptoPeer-to-peer crypto exchange Paxful to suspend operations

Peer-to-peer crypto exchange Paxful to suspend operations

  • Paxful will temporarily stop operations.
  • However, the exchange’s CEO said they are not sure if it will resume operations.
  • This is the second peer-to-peer crypto exchange to shut down.

Paxful CEO Ray Youssef has published a post on the exchange’s website stating that the peer-to-peer (P2P) exchange will shut down its marketplace. Ray went on to state that they are not sure if the exchange will resume.

This is the second popular P2P exchange to shut down in 2023 after LocalBitcoins announced their shutdown in February.

Key staff departures and regulatory challenges

Citing key staff departures and regulatory challenges in the post, the CEO said:

“This will probably come as a big shock to many. While I can’t share the full story now, I can say that unfortunately we have had some key staff departures. In addition, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and mostly in the United States. While we work through these issues, we’ve chosen the safest option and ask that you explore self-care and trade elsewhere.”

The CEO said the biggest priority at the moment is to protect customers’ funds and advised customers to withdraw where possible. He has gone further and recommended retreating to self-maintaining wallets like Exodus and Muun.

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Ray also stated that Paxful will offer an easy migration to other P2P options for non-US customers. He highlighted three P2P exchanges namely Noones, Bitnob and Yellow Card.

However, the Paxful Wallet will remain operational for customers to retrieve their funds.

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