Paxful Reopens a Month After Suspending Marketplace

The popular online peer-to-peer (P2P) marketplace Paxful is back after shutting down the services in April 2023.

While the platform was suspended, Paxful Wallet remained active.

• Paxfull, V.; blog post On May 8, he announced the resumption of the market after a month of shutting down the platform. An excerpt from the advertisement reads:

“We know it has been a difficult time for many of our users, who were understandably surprised by the sudden suspension, however, we are thrilled to be back so we can continue to serve millions of people without financial access.”

• As previously mentioned before Potato encryptionThe Bitcoin P2P market closed in April 2023 while the wallet remained operational. Before the platform issues arose, Paxful was one of the most prominent P2P marketplaces in the industry, with more than six million users globally.
• Meanwhile, Paxful co-founder and former CEO Ray Youssef cited regulatory hurdles for the P2P market as part of the reason for closing the market.
• Youssef also referred to the departure of key employees, adding that a legal dispute between him and another co-founder, Artur Shapak, also contributed to the forced closure of the company. Youssef described Window’s lawsuit as “nasty,” noting that the CEO sued both the former CEO and the company because he was upset.
• Shortly after Paxful was suspended, Youssef said he was working to refund customers money out of his own pocket to avoid jail time.
• Prior to the market revival, Paxful was able to unfreeze 88% of customer accounts, leaving 3% still frozen.
• On April 18, its CEO announced resignation from the highest position.