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Paxful pauses trading on its Bitcoin exchange for an indefinite period

Paxful has paused its peer-to-peer crypto trading platform.

By Finst News
• 3 min read
Paxful pauses trading on its Bitcoin exchange for an indefinite period

Paxful has paused its peer-to-peer crypto trading platform. 'We're not sure if it will come back,' said Ray Youssef, the company's CEO.

P2P crypto marketplace Paxful has halted operations. This was announced on April 4 in a press release by CEO Ray Youssef. 'This is likely to be a big shock for many,' said the executive. The company has lost several key staff members and must contend with regulatory pressure.

"We chose the safest option and ask you to consider self-custody and trade elsewhere," said Youssef. The Paxful wallet remains available for customers "to withdraw their funds", but investors are encouraged to move their assets elsewhere.

Assets are still on the books

"All customer assets remain on the books. Please withdraw them and store them yourself if possible," according to Youssef's guidance. In February 2023, the P2P platform LocalBitcoins also announced it would shut down.

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