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Paxful pauses trading on its crypto exchange for an undetermined period

Paxful has put its peer-to-peer crypto trading exchange on hold.

By Mike Hesp
• 1 min read
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Paxful pauses trading on its crypto exchange for an undetermined period

Paxful has put its peer-to-peer crypto trading exchange on hold. "We're not sure if it will come back," said Ray Youssef, the company's CEO.

P2P crypto marketplace Paxful has paused its operations. CEO Ray Youssef announced it in a press release on April 4. "This is likely to come as a big shock to many," the company's CEO said. He said the company had "lost a few key staff" and faced "regulatory pressure".

"We've chosen the safest option and ask you to exercise discretion and trade elsewhere," Youssef said.

The Paxful wallet will still be available for customers "to withdraw their funds," he added. Investors, however, should take their assets out of there.

"All customer funds are in custody. Please withdraw them and, if possible, keep them yourself," instructed Youssef. In February 2023, the P2P platform LocalBitcoins also threw in the towel.

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