Paxful an international peer-to-peer financial system is suspending its operations. The financial platform provides solutions for buying and selling of Bitcon, USD Coin and Tether.
Paxful currently boast of over 6 million registered users with about a million from Nigeria. According to the founder and CEO of Paxful, Ray Youssef, he is not sure if the financial platform will come back. Furthermore Ray stated:
“this will probably come as a big shock to many. While I cannot share the full story now, I can say that we unfortunately have had some key staff departures. Also, regulatory challenges for the industry continue to grow, especially in the peer-to-peer market and most heavily in the U.S. While we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”
The platform has provided alternatives solutions to its users with assurance that customers funds are safe and secured.
Paxful Solutions:
- All customer funds are all accounted for and can be withdrawn or self-custody. Options such as Exodus Wallet and Muun Wallet are recommended.
- Paxful is offering an easy migration to other options for non-U.S. users to platforms like Noones — a new P2P company dedicated to the Global South. All the things you do on Paxful you can do on Noones, including:
- Lower trading fees
- One of the cheapest wallets
- An affiliate program even more generous than Paxful’s program.
- A more efficient KYC process.
- Local dispute moderators.
- A much friendlier TOS policy with no accounts being locked
- Ray personally vouch for Noones.
- Bitnob — who makes it easy for Africans to connect with Bitcoin.
The CEO of the world’s leading peer-to-peer bitcoin marketplace Youssef was born in Egypt and raised in New York City but with good tie with African roots.
