Paxful, the peer-to-peer Bitcoin marketplace, has abruptly closed its doors indefinitely due to internal conflicts and regulatory issues. CEO Ray Youssef is suggesting users migrate to other marketplaces like Noones. Paxful has suspended its marketplace and Youssef is unsure if it will return. “This will probably come as a shock to many,” wrote the CEO. “While I cannot share the full story now, I can say that we have unfortunately had some key staff departures.” Regulatory challenges in the United States have been making continued operation more difficult.
“While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere,” said Youssef in Tuesday’s statement.
Youssef has announced that Paxful’s first priority will be returning funds to customers. The CEO recommends that customers withdraw to self-custodial wallets and migrate to other marketplaces.
Paxful was especially popular outside of the developed world, particularly in Argentina, where over half of last month’s volume was generated.