Paxful Resumes Operations: Trading on Platform Open After Hiatus

Peer-to-peer (P2P) Bitcoin trading platform, Paxful, has resumed trading after a month-long hiatus that was caused by internal issues and regulatory pressure.

The platform recently announced its reopening in a blog post and explained that the decision to suspend all activities was in the best interest of its customers and the future of the company.

The blog post also addressed concerns raised by Paxful CEO, Ray Youssef, over customer funds, which were due to a lawsuit from Artur Schaback, a co-founder of the platform.

Schaback was suing Youssef and the company for wrongful termination, among other reasons. Paxful eventually shut down in April with Youssef insisting that all customer funds were accounted for.

Throughout the period, Paxful ensured that its wallet remained fully operational, allowing users to withdraw their funds and opt for self-custody.

The platform also provided its community with a list of alternative P2P platforms, such as Noones, for those who wished to continue trading.

Reports from former employees of Paxful suggest that the internal issues stem from the sour relationship between co-founders Youssef and Schaback.

The duo’s relationship had reportedly hit the rocks a long time ago, with rumors suggesting that they do not see eye-to-eye when it comes to management professionalism. Such lapses have caused the business to suffer on many fronts.

Schaback currently seeks a settlement and intends to exit the firm for good. Meanwhile, Paxful is now in the hands of a new custodian, who serves as a director together with Schaback and Youssef.