Paxful Suspends Operations: Guide to Withdraw Funds Safely

• Peer-to-peer crypto exchange Paxful announced that it will temporarily halt operations due to key staff departures and regulatory challenges.
• The CEO asked customers to withdraw their funds where possible and recommended self-custody wallets like Exodus and Muun.
• Paxful will be offering an easy migration to other P2P alternatives for non-US customers, including Noones, Bitnob, and Yellow Card.

Peer-to-peer Crypto Exchange Paxful Suspends Operations

Paxful, a peer-to-peer (P2P) crypto exchange, has announced that it will be temporarily suspending its marketplace. This is the second popular P2P exchange to shut down in 2023 after LocalBitcoins announced shutting down in February.

Reasons Behind Closure

The CEO of Paxful, Ray Youssef stated that they have been facing some key staff departures as well as regulatory challenges for the industry which have made them take this decision.

Priority: Safeguarding Customer Funds

The priority at the moment is safeguarding customer funds and Ray advised customers to withdraw wherever possible. He has gone ahead to recommend withdrawing to self-custody wallets like Exodus and Muun.

Migration for Non US Customers

For non US customers, Paxful will be offering an easy migration to other P2P alternatives such as Noones, Bitnob and Yellow Card.

Paxful Wallet Remains Operational

The Paxful Wallet however remains operational for customers to retrieve their funds.