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P2P Bitcoin Exchange Paxful Back Online After Temporary Suspension
The platform shut down in April after the CEO expressed concerns about the safety of customer funds owing to a lawsuit from its co-founder.
By Helene Braun
Updated May 9, 2023, 4:13 a.m. Published May 8, 2023, 5:49 p.m.
Peer-to-peer (P2P) bitcoin exchange Paxful has resumed operations after being shut down for over a month, the company said in a blog post.
“After a month away, we’re happy to announce that the Paxful marketplace is back online,” the company wrote. “In early April, we faced a difficult decision to temporarily suspend the marketplace to protect all of our customers and Paxful’s future.”
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Paxful shut down in April after CEO Ray Youssef expressed concerns about the safety of customer funds as a result of a lawsuit by co-founder Artur Schaback, who sued Youssef and the company for wrongful termination, among other reasons.
Shortly after the closure, CoinDesk spoke with both co-founders and multiple ex-employees and reported that their relationship had been difficult for a while and that the business suffered from severe lapses in management professionalism.
According to Schabeck, who is looking for a settlement and wants out of the firm, Paxful is currently owned by a custodian, who serves as a director in addition to both Schabeck and Youssef.
“Right now we need the custodian because he’s a tiebreaker; otherwise we’re in a deadlock,” Schabeck told CoinDesk.
During the suspension, the company said the Paxful Wallet remained fully operational for users, who were also offered a selection of peer-to-peer platforms to continue trading on.
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