Paxful, one of the world’s largest peer-to-peer cryptocurrency exchanges by volume, has announced the suspension of its marketplace. The decision has come as a surprise to many, as the platform was known for its strong user base and wide range of cryptocurrency trading options.

According to the company’s founder and CEO, Ray Youssef, the suspension is due to key staff departures and regulatory challenges, particularly in the US, where the P2P market has come under increasing scrutiny.

Youssef has stated that the company is taking the most secure option in light of these challenges, and has asked users to explore self-custody and trade elsewhere. The Paxful Wallet will be up for customers to retrieve their funds, and Youssef has emphasized that safeguarding customer funds is his biggest priority. All customer funds have been accounted for, and users are advised to withdraw their funds and explore other options for trading cryptocurrency.

To assist with this process, Youssef has recommended a number of alternative platforms, including Noones and Bitnob. Noones is a new P2P company dedicated to the Global South, and offers lower trading fees, a cheap wallet, and a more efficient KYC process, among other benefits. Bitnob, on the other hand, makes it easy for Africans to connect with Bitcoin.

While the suspension of Paxful’s marketplace may come as a disappointment to some users, Youssef has assured customers that their funds are secure, and that the company is working to address the challenges it faces. In the meantime, users are encouraged to explore other options for trading cryptocurrency, and to take steps to safeguard their funds.

@azcoinnews

#Paxful #Binance #crypto2023 #BTC #azcoinnews

This article was republished from azcoinnews.com

Shady Practices and Scams Unveiled: The Troubling Saga of Paxful and NoOnes

Paxful, a prominent peer-to-peer Bitcoin marketplace, recently suspended its operations, leading users to migrate to a new platform called NoOnes. However, alarming reports have emerged about suspicious activities and scams surrounding NoOnes, leaving users in a state of uncertainty and financial risk.

Headings:

The Rise and Fall of Paxful: Regulatory Challenges and Staff Departures

The Controversy Behind the Scenes: Disagreements and Power Struggles

NoOnes: A Dubious Alternative with Questionable Intentions

Types of Scams Unveiled on NoOnes: Transaction Verification, Unauthorized Logins, and Poor Customer Support

The Troubling Lack of Responsibility and Accountability

Traders Left in Limbo: Uncertain Future and Potential Loss of Funds

Takeaways:

Paxful's suspension and redirection to NoOnes have raised serious concerns among the crypto community.

NoOnes has been associated with various scams, including unverified transactions, unauthorized logins, and inadequate customer support.

Users are left in a state of uncertainty, with doubts about the safety of their funds and the future of their investments.

Transparency, security, and reliability should be the top priorities when choosing a crypto exchange or marketplace.

Conclusion:

The recent saga involving Paxful and NoOnes has exposed the risks and challenges associated with trusting unregulated platforms. It serves as a reminder to conduct thorough research, exercise caution, and prioritize security when engaging in crypto transactions. The crypto community must remain vigilant and demand higher standards of accountability to protect themselves from potential scams and fraudulent activities.

Note: The content provided is fictional and for demonstration purposes only.

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Paxful, the largest P2P exchange, abruptly shut down as a result of a struggle between the two co-founders for ownership of the business while they were battling it out in a recent court dispute.

Artur Schaback and Mohamad (Ray) Youssef, the two co-founders of the #Paxful #bitcoin #P2P marketplace, are embroiled in a nasty legal battle in Delaware, USA.

This could have been the real reason why the market closed unexpectedly on April 4. According to court filings, Schaback and Youssef, who co-founded Paxful in 2015, are currently litigating for ownership of the business and leveling several accusations against one another.

Due to conflicts with Paxful CEO Youssef regarding the future and operation of the market, particularly "newspapers" continued reporting to unknown groups, Schaback, who led the company until February 2022, was prohibited from running it.

A significant portion of the company's bitcoin was transferred to "EMiR," a non-legitimate Turkish software company. Schaback stated:

“It does not have a website publicizing software or web development services and its physical address […] appears to belong to a clothing company.”

Dekslektika, a putative subcontractor who allegedly received funds from EMiR, is a St. Petersburg, Russia-based business controlled by a former Paxful official. These companies are purportedly in charge of "significant non-conventional transactions" that allegedly began as soon as Schaback's access to the company's operations was restricted, per court records.

Youssef claimed that the claims related to Schaback's refusal to pay a Turkish engineering firm that was employed by this business, which led the team of 80 engineers to cease operations. Youssef claimed that keeping Schaback at Paxful was impossible because his team was about to quit.

In an interview, Schaback said that on April 4, Youssef arbitrarily shut down Paxful. He contends that Youssef's actions are meant to remove me and the other shareholders from his plan and centralize control in nations outside of the United States. Schaback claimed he had restricted access to firm information and hasn't taken part in day-to-day operations for the past 18 months.

As was previously noted, Paxful, one of the largest peer-to-peer (P2P) cryptocurrency exchanges in the world by volume, has declared that its market has been stopped and that an opening date has not yet been set.

This news is republished from https://coinaquarium.io/

According to a note from CEO Ray Youssef posted on the company's website, Paxful, a peer-to-peer (P2P) network for trading #bitcoin (BTC), is halting its marketplace and is unsure when operations will return.

Youssef noted the difficulties with regulation, notably in the #P2P industry and in the United States. According to him:

"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."

Youssef stated that users will still be able to access their funds through the Paxful Wallet. Consumers are being urged to switch to self-custody or utilize alternative service providers like peer-to-peer marketplace Bitnob, or even Noones, a startup that accepts bitcoin payments.

The market for trading ether was shut down by #Paxful in December due to the network's migration from proof-of-work to proof-of-stake. The platform has only traded bitcoin since that time.

Following this morning's unexpected revelation, Youssef remarked on Twitter Spaces that there were worries about the security of customer monies because of a lawsuit filed by Paxful co-founder Artur Schaback.

“I couldn’t guarantee the security of the platform. This is why this thing had to go down.”

Youssef added:

“[Schaback] was pissed, so he sued the company and his litigation team was really nasty. They drove away all of our senior level staff. They just couldn't deal with this guy anymore and then he refused to pay our engineers and he refused to pay our compliance.”

This news is republished from https://coinaquarium.io/