Crypto Group Reacts As P2P Platform Paxful Shuts Down

Reactions have been pouring in
from the cryptocurrency group after Paxful, a peer-to-peer (P2P) platform for
buying and selling Bitcoin (BTC), introduced on Wednesday that it “shall be suspending its market.” Ray Youssef, Paxful’s Founder and CEO, in a blog post revealed on Wednesday on the buying and selling platform’s web site mentioned the platform was closing down as a result of key employees exit and
regulatory challenges.

“This may most likely come as a
large shock to many. Whereas I can not share the complete story now, I can say that we
sadly have had some key employees departures. Additionally, regulatory challenges
for the trade proceed to develop, particularly within the peer-to-peer market and
most closely within the U.S.,” Youssef defined.

Yousef famous that he was not
positive if the platform shall be restored after it’s shut down. The Paxful Founder
urged prospects to withdraw their funds and self-custody, noting that “all
buyer funds are all accounted for”.

I’m not withdrawing my btc from @paxful till everybody else will get theirs out first 😓 pic.twitter.com/v0hq62SQaB

— Ray Youssef (@raypaxful) April 5, 2023

The Chief Govt additionally famous that the platform is providing its non-US customers “straightforward migration” to different
platforms akin to Noones, which is a newly-established P2P platform devoted
to the International South.

@paxful has signed a cope with @noonesapp These guys are legit and can serve the International South even higher. Everyone seems to be already there. #Bitcoin https://t.co/K6VCIXZvzE

— Ray Youssef (@raypaxful) April 4, 2023

In December, Paxful suspended
the buying and selling of Ether on its platform, allowing solely BTC since then. The P2P
platform cited the Ethereum Merge, the change of the Ethereum blockchain from a
proof-of-work to proof-of-stock, as the explanations for the suspension.

Paxful eliminated ETH from their market in December and is now closing the platform.

“Income is good however integrity trumps all” pic.twitter.com/rd8HfNEPOY

— Eden Au (@0xedenau) April 4, 2023

Paxful was launched within the
United States in 2014 however centered its providers in Africa, a area that has one of the highest cryptocurrency adoption on the planet. The P2P BTC buying and selling platform’s
closure comes two months after its Finland-based rival, LocalBitcoins, also shut down, citing “very chilly crypto winter.”

now with paxful and localbitcoins gone, binance p2p is the final main p2p fiat onramp standing. individuals hate on binance however p2p is important in locations the place banking entry is minimize off

— nic 🌠 c4rter (@nic__carter) April 4, 2023

Reactions Pour in as Paxful
Suspends Operations

Reacting to the information, some
stakeholders within the cryptocurrency trade expressed their perception that the trade is headed for a brand new path.
Anita Posch, the Founding father of Bitcoin for Equity, wrote on Twitter that decentralized
P2P platforms with out know-your-customer procedures is the best way to go.

After LocalBitcoins the opposite large P2P market @Paxful is suspending its platform.

Method to go are decentralized P2P platforms with out KYC like @hodlhodl @robosats @bisq

Thanks @raypaxful for supporting my work in recent times! pic.twitter.com/m3G1LTkLgm

— Anita ⚡🏳️‍🌈 Bitcoin for Equity (@AnitaPosch) April 4, 2023

Nonetheless in shock that @Paxful is closing down.
That is surreal.
I watched Paxful rework the lives of many Kenyan youth.
Paxful additionally gave me my first full time job as a rustic supervisor in 2020.
I learnt a lot and made so many pals there.
Sayonara Paxful💜 you may be missed

— Yvonne Kagondu (@kagondu_yvonne) April 4, 2023