Paxful Resumes Marketplace Operations With Better Security

After being offline for more than 30 days, peer-to-peer (P2P) crypto marketplace Paxful has announced the relaunch of its platform, emphasizing enhanced safety and security for users.

Paxful had suspended operations in April due to allegations of misappropriation of company funds, money laundering, and evasion of US sanctions against Russia, involving CEO Ray Youssef and co-founder Artur Schaback.

𝐁𝐑𝐄𝐀𝐊𝐈𝐍𝐆 𝐍𝐄𝐖𝐒: Paxful is back online.

Over the next couple of days, we'll be gradually restoring functionality to the marketplace.

Thank you to everyone for your support!

🧡 https://t.co/UApEgHxLg5

— Paxful (@paxful) May 8, 2023

Through an update on its website, Paxful stated that its wallet remained fullyy operational during the suspension period, though the company did not clarify how it plans to move forward. 

"Over the last month, our team has worked diligently to get the marketplace back online with the safety and security of users paramount. [...] 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," the firm said.

During the suspension, Youssef took to Twitter to announce his final act as CEO by unfreezing 88% of certain users' accounts. However, he is still listed as CEO on the company's website. Amid the turmoil, Youssef has reportedly collaborated with Block's TBD division to launch a P2P crypto trading platform called Civilization Kit (Civ Kit), built on the Nostr decentralized network that enables encrypted end-to-end private messaging.

The company acknowledges the difficulties users faced during the suspension, but also expressed excitement at being able to serve millions of people without financial access once more. With the relaunch, Paxful aims to continue offering its users various ways to make money, send money, make payments, and build businesses. The company is committed to building a platform that serves the financial needs of its users while ensuring a secure and reliable trading environment.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.