P2P Crypto Platform Paxful Resumes Operations, Led by Delaware Lawyer – Here's the Latest
In a major update, leading peer-to-peer cryptocurrency exchange Paxful announced the resumption of its marketplace operations.
This move comes after the platform suspended operations in April 2023.
Paxful digital asset exchange primarily facilitates the buying and selling of Bitcoin and other cryptocurrencies using a wide variety of payment methods.
The company also provides a secure and user-friendly platform for individuals to trade cryptocurrencies.
They can do this without a centralized intermediary such as a bank or financial institution.
Paxful Resumes Its Marketplace Operations
The company was forced to suspend its services due to the ongoing bear market and a lawsuit that had the potential to impact its funds.
However, after several weeks of intensive work and testing, the Paxful team stated that it had finally resolved the issues and that its platform was once again fully operational.
In the statement, the company noted that it’s thrilled to be back in business and serve users again.
It added that the team had been relentless over the past month to ensure that the marketplace returned to full functionality, as its users' safety and security remain paramount.
In other words, users don’t have to worry about the safety of funds and account information.
In the days leading up to the marketplace suspension, there were notable disagreements between Paxful CEO Ray Youssef and co-founder Artur Schaback.
The conflict centered around money laundering, misappropriation of the company's revenue, and circumventing US sanctions against Russia.
Later, the Paxful CEO explained the reasons for ceasing operations in a blog post, citing the US regulatory climate and significant staff departures.
In April, he mentioned that he had unlocked 88% of certain users' accounts and removed his Bitcoin holdings from the platform.
During the suspension period, Youssef reportedly collaborated with Block's TBD division to develop a P2P digital asset trading platform called Civilization Kit (Civ Kit).
The whitepaper for Civ Kit indicates that the trading platform will operate on a decentralized network called Nostr, which enables end-to-end encrypted messaging.
Binance Suspended United States Dollar Transfers
There have been other cases of operational suspension on other crypto platforms. A good example is one of the largest digital asset exchanges in the world, Binance.
According to a report from CNBC in February 2023, Binance noted that it would suspend U.S. dollar deposits and withdrawals.
The exchange has not yet announced when it plans to resume U.S. dollar transfers, but it mentioned that the suspension would last for several weeks.
However, it encouraged users to explore alternative options for funding their accounts.