Peer-to-peer cryptocurrency marketplace Paxful announced on April 4 that it was suspending operations. Paxful founder and CEO Ray Youssef said in a blog that \u201ckey staff departures\u201d and the regulation environment were behind the decision.<\/p>\n
\u201cWe are not sure if it [the marketplace] will come back,\u201d Youssef wrote. He added that all customer funds are accounted for and asked customers to withdraw their funds. The blog post provided links to other platforms that Paxful suggested for non-U.S. users to migrate to.<\/p>\n
Youssef said\u00a0in a Twitter Spaces meetup that Paxful is an American company that serves a global audience with a concentration on the Global South. He said:<\/p>\n
\u201cA quarter of the company was compliance people [\u2026] Even that was not enough to please Uncle Sam.\u201d<\/p><\/blockquote>\n
\u201cAmerican regulators have done a great job catching up [\u2026] For their pace\u201d in the last five years, Youssef added, but \u201cThe regulators still don\u2019t get it. They grow more suspicious every day.\u201d<\/p>\n
Related: Paxful CEO preaches Bitcoin self-custody, advises against crypto exchange<\/em><\/strong><\/p>\nYoussef pointed to practices such as using gift cards to onboard people in Africa without bank accounts as an example of the company\u2019s activities that drew regulatory attention in the United States. <\/p>\n
Blocking U.S. customers and continuing operations \u201cwould have been an option if we had the staff. [\u2026] Business-wise it doesn\u2019t make sense,\u201d Youssef said.<\/p>\n
In addition to its problems with staff departures, the company is in a legal dispute with cofounder and former chief operating officer Artur Schaback, who sued the company in January, naming Youssef and Jude Chidi Ogene as defendants. Ogene was the Paxful chief legal officer until March, according to his LinkedIn profile. The complaint in that case has been sealed.<\/p>\n
Paxful announced March 29 that the company was refunding its Earn program users the funds that had been locked up in Celsius after its bankruptcy \u201cin the coming days.\u201d<\/p>\n
Magazine: Bitcoin in Senegal: Why is this African country using BTC?<\/em><\/strong><\/p>\nSource: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Peer-to-peer cryptocurrency marketplace Paxful announced on April<\/p>\n","protected":false},"author":3,"featured_media":173515,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n
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