Paxful puts an end to the market
Company CEO announced the suspension via a written message, noting that the suspension is likely to be permanent.
Distributed trade Paxful declared it is suspending its commercial center, as indicated by a composed message by its President, Beam Youssef.
Crypto influencer @callebtc shared a screenshot of the message. It said in the message:
“Today, Paxful will be suspending its marketplace. We are not sure if it will come back.”
Youssef stated that he was unable to provide any additional information regarding the reasons for the suspension. However, he mentioned that some important employees had resigned.
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What happens to funds?
The note states that the Paxful Wallet will continue to function so that customers can access their “all accounted for” funds. The message suggested Exodus Wallet and Muun Wallet as safe alternatives and advised users to self-custody after withdrawing.
According to Youssef, the most important thing is to keep customer funds safe. Paxos made it simple for non-US users to move their funds to other peer-to-peer platforms by offering migration options.
