Paxful Announces the Shutdown of its Marketplace

• Paxful, a peer-to-peer crypto exchange, is going to suspend its marketplace.
• The company provides easy migration for users.

Paxful, the world’s largest peer-to-peer crypto exchange platform, announced on its official website that the company was going to suspend its marketplace. Ray Youssef, the founder and CEO of Paxful, stated that the decision was made because of key staff members leaving the company as well as the regularity problem facing the industry.

Youssef added that the customer’s funds are all safe, and they can withdraw the funds using their Paxful wallet, which will continue to work normally. The announcement of Paxful’s suspension on its marketplace comes after the regulators increased their surveillance on the crypto market in the United States. 

Ray Youssef stated

The Paxful wallet will be available for the customers to retrieve their funds. Right now, safeguarding the customer’s funds will be my priority.

The suspension by Paxful draws attention to the problems facing the crypto market. Moreover, the company is providing an easy migration system for users who are not located in the United States.

At the same time, the Bitcoin trading price is $28,133, with a decline of 0.21% in the last hour according to CoinMarketCap.

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