Reactions have been pouring in
from the cryptocurrency group after Paxful, a peer-to-peer (P2P) platform for
buying and selling Bitcoin (BTC), introduced on Wednesday that it “can be suspending its market.” Ray Youssef, Paxful’s Founder and CEO, in a weblog publish revealed on Wednesday on the buying and selling platform’s web site mentioned the platform was closing down as a consequence of key employees exit and
regulatory challenges.
“This can most likely come as a
massive shock to many. Whereas I can’t share the complete story now, I can say that we
sadly have had some key employees departures. Additionally, regulatory challenges
for the business proceed to develop, particularly within the peer-to-peer market and
most closely within the U.S.,” Youssef defined.
Yousef famous that he was not
certain if the platform can be restored after it’s shut down. The Paxful Founder
urged clients to withdraw their funds and self-custody, noting that “all
buyer funds are all accounted for”.
I’m not withdrawing my btc from @paxful till everybody else will get theirs out first 😓 pic.twitter.com/v0hq62SQaB
— Ray Youssef (@raypaxful) April 5, 2023
The Chief Govt additionally famous that the platform is providing its non-US customers “simple migration” to different
platforms equivalent to Noones, which is a newly-established P2P platform devoted
to the World South.
@paxful has signed a cope with @noonesapp These guys are legit and can serve the World South even higher. Everyone seems to be already there. #Bitcoin https://t.co/K6VCIXZvzE
— Ray Youssef (@raypaxful) April 4, 2023
In December, Paxful suspended
the buying and selling of Ether on its platform, allowing solely BTC since then. The P2P
platform cited the Ethereum Merge, the swap of the Ethereum blockchain from a
proof-of-work to proof-of-stock, as the explanations for the suspension.
Paxful eliminated ETH from their market in December and is now closing the platform.
“Income is good however integrity trumps all” pic.twitter.com/rd8HfNEPOY
— Eden Au (@0xedenau) April 4, 2023
Paxful was launched within the
United States in 2014 however targeted its providers in Africa, a area that has one of many highest cryptocurrency adoption on the earth. The P2P BTC buying and selling platform’s
closure comes two months after its Finland-based rival, LocalBitcoins, additionally shut down, citing “very chilly crypto winter.”
now with paxful and localbitcoins gone, binance p2p is the final main p2p fiat onramp standing. folks hate on binance however p2p is crucial in locations the place banking entry is reduce off
— nic 🌠 c4rter (@nic__carter) April 4, 2023
Reactions Pour in as Paxful
Suspends Operations
Reacting to the information, some
stakeholders within the cryptocurrency business expressed their perception that the business is headed for a brand new route.
Anita Posch, the Founding father of Bitcoin for Equity, wrote on Twitter that decentralized
P2P platforms with out know-your-customer procedures is the way in which to go.
After LocalBitcoins the opposite massive P2P market @Paxful is suspending its platform.
Option to go are decentralized P2P platforms with out KYC like @hodlhodl @robosats @bisq
Thanks @raypaxful for supporting my work lately! pic.twitter.com/m3G1LTkLgm
— Anita ⚡🏳️🌈 Bitcoin for Equity (@AnitaPosch) April 4, 2023
Nonetheless in shock that @Paxful is closing down.
That is surreal.
I watched Paxful remodel the lives of many Kenyan youth.
Paxful additionally gave me my first full time job as a rustic supervisor in 2020.
I learnt a lot and made so many mates there.
Sayonara Paxful💜 you’ll be missed— Yvonne Kagondu (@kagondu_yvonne) April 4, 2023
Reactions have been pouring in
from the cryptocurrency group after Paxful, a peer-to-peer (P2P) platform for
buying and selling Bitcoin (BTC), introduced on Wednesday that it “can be suspending its market.” Ray Youssef, Paxful’s Founder and CEO, in a weblog publish revealed on Wednesday on the buying and selling platform’s web site mentioned the platform was closing down as a consequence of key employees exit and
regulatory challenges.
“This can most likely come as a
massive shock to many. Whereas I can’t share the complete story now, I can say that we
sadly have had some key employees departures. Additionally, regulatory challenges
for the business proceed to develop, particularly within the peer-to-peer market and
most closely within the U.S.,” Youssef defined.
Yousef famous that he was not
certain if the platform can be restored after it’s shut down. The Paxful Founder
urged clients to withdraw their funds and self-custody, noting that “all
buyer funds are all accounted for”.
I’m not withdrawing my btc from @paxful till everybody else will get theirs out first 😓 pic.twitter.com/v0hq62SQaB
— Ray Youssef (@raypaxful) April 5, 2023
The Chief Govt additionally famous that the platform is providing its non-US customers “simple migration” to different
platforms equivalent to Noones, which is a newly-established P2P platform devoted
to the World South.
@paxful has signed a cope with @noonesapp These guys are legit and can serve the World South even higher. Everyone seems to be already there. #Bitcoin https://t.co/K6VCIXZvzE
— Ray Youssef (@raypaxful) April 4, 2023
In December, Paxful suspended
the buying and selling of Ether on its platform, allowing solely BTC since then. The P2P
platform cited the Ethereum Merge, the swap of the Ethereum blockchain from a
proof-of-work to proof-of-stock, as the explanations for the suspension.
Paxful eliminated ETH from their market in December and is now closing the platform.
“Income is good however integrity trumps all” pic.twitter.com/rd8HfNEPOY
— Eden Au (@0xedenau) April 4, 2023
Paxful was launched within the
United States in 2014 however targeted its providers in Africa, a area that has one of many highest cryptocurrency adoption on the earth. The P2P BTC buying and selling platform’s
closure comes two months after its Finland-based rival, LocalBitcoins, additionally shut down, citing “very chilly crypto winter.”
now with paxful and localbitcoins gone, binance p2p is the final main p2p fiat onramp standing. folks hate on binance however p2p is crucial in locations the place banking entry is reduce off
— nic 🌠 c4rter (@nic__carter) April 4, 2023
Reactions Pour in as Paxful
Suspends Operations
Reacting to the information, some
stakeholders within the cryptocurrency business expressed their perception that the business is headed for a brand new route.
Anita Posch, the Founding father of Bitcoin for Equity, wrote on Twitter that decentralized
P2P platforms with out know-your-customer procedures is the way in which to go.
After LocalBitcoins the opposite massive P2P market @Paxful is suspending its platform.
Option to go are decentralized P2P platforms with out KYC like @hodlhodl @robosats @bisq
Thanks @raypaxful for supporting my work lately! pic.twitter.com/m3G1LTkLgm
— Anita ⚡🏳️🌈 Bitcoin for Equity (@AnitaPosch) April 4, 2023
Nonetheless in shock that @Paxful is closing down.
That is surreal.
I watched Paxful remodel the lives of many Kenyan youth.
Paxful additionally gave me my first full time job as a rustic supervisor in 2020.
I learnt a lot and made so many mates there.
Sayonara Paxful💜 you’ll be missed— Yvonne Kagondu (@kagondu_yvonne) April 4, 2023