- Paxful has announced the resumption of operations after being suspended for over a month.
- The P2P crypto platform suspended operations last month following the departure of key staff members.
- The Paxful wallet remained active throughout the platform’s suspension period.
Paxful has announced that it is resuming operations after being offline for more than a month. The P2P bitcoin exchange shut down operations last month following the departure of key staff members and increasing scrutiny from regulators in the United States.
Conflict Among Paxful’s Top Management Continues
According to a blog post from Paxful earlier today, the peer-to-peer Bitcoin marketplace is now back online. Over the next two days, the platform will gradually restore functionality to the marketplace. The platform took to Twitter earlier today to inform its community that it is back and is “better than ever”. Its staff has reportedly been working for the past month to bring the marketplace back online without compromising the safety and security of users.
We know it has been a difficult time for many of our users, who were understandably surprised by the sudden suspension, however, we are delighted to be back so that we can continue to serve millions of people without financial access.”
News of the resumption of services comes as a positive development for its users. The exchange suspended operations on April 4, 2023, amid growing scrutiny by American regulators and the departure of the company’s key staff members including Paxful co-founder Artur Schabeck. Paxful Wallet remained fully operational throughout the suspension period. Its users were also offered multiple P2P crypto avenues to continue trading.
Schabeck told CoinDesk earlier today that he is actively looking for a settlement with Paxful in relation to the wrongful termination lawsuit he filed following his departure from the firm. The former executive further revealed that the P2P firm is owned by a custodian who serves as one of the company’s three directors. The third board member plays an instrumental role, given his power to act as a tiebreaker in a conflict involving the other founders.
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Recently, the crypto marketplace Paxful announced that it has resumed operations after being offline for a whole month. The reported disruption in service occurred on March 20 and affected the digital exchange’s ability to facilitate crypto transactions.
Paxful, a competitor to peer-to-peer Bitcoin exchange LocalBitcoins, offers an array of cryptocurrency trading options, such as fiat currencies, gift card purchases, and stablecoins. According to the company’s website, the issue was due to a key infrastructure change which took a surprising amount of time to configure correctly.
The error was supposedly unexpected and forced Paxful to completely shut down while they worked on resolving the issue. Since then, the company has confirmed that all services have been restored and are available to everyone.
The company’s CEO, Ray Youssef, took to Twitter to apologize for the downtime, saying: “We apologize for the outage last week – our top priority is restoring seamless service. We’re thrilled to be back in business and are grateful for the outpouring of support from the Paxful family.”
Paxful also announced that, as a way of thanking the industry and its users for the support, the company will be exchanging 10 BTC (around US$364,000) in a weekly trading competition.
Overall, it’s great to see Paxful back to its usual standard of service and providing its platform’s community with its reliable exchange. The competition is a nice touch from the company and serves as a symbol of their commitment to their customers’ satisfaction.
