Paxful Announces it is Shutting Down
Bitcoin peer-to-peer marketplace Paxful is ceasing its operations and may not return, according to CEO Ray Youssef, who acknowledged that the news “will probably come as a big shock to many” but could not provide further details.
The decision comes amid “key staff departures” and challenging regulatory conditions, and Youssef is urging users to explore self-custody and trade elsewhere as the company works through these issues.
During a Twitter Space event, Youssef also claimed that a lawsuit filed by a co-founder of Paxful had driven away all of the senior-level team.
Peer-to-peer marketplaces enable users to purchase and sell bitcoin directly with other users, both in person and online, as opposed to traditional crypto exchanges that facilitate trading between buyers and sellers.