Peer-to-peer exchange Paxful announced it is suspending its marketplace, according to a written message by its CEO, Ray Youssef.
A screenshot of the message was shared by crypto influencer @callebtc. The message stated:
“Today, Paxful will be suspending its marketplace. We are not sure if it will come back.”
Youssef said he couldn’t share further details about the reasons behind the suspension decision. However, he mentioned that there had been some critical staff resignations.
What happens to funds?
According to the note, the Paxful Wallet will remain active to allow customers to retrieve their funds, which are “all accounted for.” The message advised users to self-custody after withdrawing and suggested Exodus Wallet and Muun Wallet as safe options.
Youssef said the main priority is to maintain the safeguarding of customer funds. Paxos offered easy migration options to other peer-to-peer platforms for non-US users to ensure they could retrieve their funds quickly and safely.
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