Peer-to-peer Bitcoin trading platform Paxful has announced that it will suspend transactions.
A message from co-founder and CEO Ray Youssef addressed key staff departures and regulatory challenges. At the end of the message, it was written that the platform will suspend transactions for a period.
Paxful CEO Announces Suspension of Transactions on the Platform
Paxful, a peer-to-peer (P2P) platform for trading Bitcoin (BTC), is suspending its trading location, according to a message posted on the website by Paxful CEO Ray Youssef. However, he is not sure whether the company will continue operations in the future.
CEO Youssef said in his statement:
“This will probably be a big shock to many. While I can’t share the full story right now, I can say that unfortunately we have some significant staff departures.”
In addition to his statement, Youssef specifically addressed regulatory challenges in the P2P market and in the US. Youssef said Paxful Wallet will continue to operate so customers can get their funds back.
Youssef continued his statements as follows:
“I could not guarantee the security of the platform”
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