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Paxful Shuts Down Marketplace Amidst Staff Resignations

Paxful Shuts Down Marketplace Amidst Staff Resignations

Paxful, a peer-to-peer exchange, has announced the suspension of its marketplace.

Ray Youssef, the CEO of the company, confirmed this in a written statement. The reason for the suspension has not been disclosed, but Youssef did mention that some crucial staff members have resigned.

A crypto influencer, callebtc, shared a screenshot of the message, which said that the marketplace is being suspended, and it’s unclear whether it will return.

Paxful has stated that customers can retrieve their funds through the Paxful Wallet, which will remain active. Youssef emphasized the importance of ensuring the safety of customer funds and recommended that customers store their funds in self-custody after withdrawal.

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He also suggested two safe wallet options, Exodus Wallet and Muun Wallet, for customers to consider.

To help non-US users retrieve their funds quickly and safely, Paxful has offered easy migration options to other peer-to-peer platforms. Paxful aims to prioritize the safeguarding of customer funds during this period.

Alexander Stefanov

Reporter at CoinsPress

Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.

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