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• Paxful will briefly halt operations.
• The exchange’s CEO nonetheless said that they don’t seem to be certain if it’ll resume operations.
• This is the second peer-to-peer crypto exchange to shut down.

Paxful CEO Ray Youssef has published a post on the exchange’s web site stating that the peer-to-peer (P2P) exchange shall be suspending its market. Ray went forward to state that they don’t seem to be certain if the exchange will resume operations.

This is the second common P2P exchange to shut down in 2023 after LocalBitcoins announced shutting down in February.

Key employees departures and regulatory challenges

The CEO cited key employees departures and regulatory challenges within the put up saying:

“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 CEO stated that the most important precedence in the mean time is safeguarding buyer funds and suggested clients to withdraw the place attainable. He has gone forward to advocate withdrawing to self-custody wallets like Exodus and Muun.

Ray additionally said that Paxful shall be providing a straightforward migration to different P2P alternate options for non-US clients. He highlighted three P2P exchanges particularly Noones, Bitnob and Yellow Card.

The Paxful Wallet will nonetheless stay operational for purchasers to retrieve their funds.