P2P cryptocurrency exchange Paxful announces suspension of marketplace

Paxful, one of the world’s largest peer-to-peer cryptocurrency exchanges by volume, has announced the suspension of its marketplace. The decision has come as a surprise to many, as the platform was known for its strong user base and wide range of cryptocurrency trading options.

According to the company’s founder and CEO, Ray Youssef, the suspension is due to key staff departures and regulatory challenges, particularly in the US, where the P2P market has come under increasing scrutiny.

Youssef has stated that the company is taking the most secure option in light of these challenges, and has asked users to explore self-custody and trade elsewhere. The Paxful Wallet will be up for customers to retrieve their funds, and Youssef has emphasized that safeguarding customer funds is his biggest priority. All customer funds have been accounted for, and users are advised to withdraw their funds and explore other options for trading cryptocurrency.

To assist with this process, Youssef has recommended a number of alternative platforms, including Noones and Bitnob. Noones is a new P2P company dedicated to the Global South, and offers lower trading fees, a cheap wallet, and a more efficient KYC process, among other benefits. Bitnob, on the other hand, makes it easy for Africans to connect with Bitcoin.

While the suspension of Paxful’s marketplace may come as a disappointment to some users, Youssef has assured customers that their funds are secure, and that the company is working to address the challenges it faces. In the meantime, users are encouraged to explore other options for trading cryptocurrency, and to take steps to safeguard their funds.

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