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Crypto Marketplace Paxful Resumes its Operations After More than 30 Days

Crypto Marketplace Paxful Resumes its Operations After More than 30 Days

After more than a month, Paxful is finally up and running.

Paxful, a peer-to-peer crypto marketplace, has resumed operations after a month-long suspension.

It is worth noting that Paxful suspended its operations in April, citing "key staff departures" and "regulatory challenges."

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While the platform's wallet remained fully operational during the suspension, it is unclear how Paxful plans to proceed in the future. The company stated that its team worked diligently to ensure the safety and security of users while relaunching the marketplace.

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

Before the suspension, court records revealed that Paxful CEO Ray Youssef and co-founder Artur Schaback accused each other of misappropriating company funds, money laundering, and evading US sanctions against Russia.

It is worth noting that under Paxful's Twitter post, several investors asked the crypto marketplace to unban their accounts. It appears that Paxful assisted all users who contacted the company about the ban.

Since the shutdown, Paxful has been relatively quiet on social media. In April, Youssef claimed to have performed his "final act" as CEO by unfreezing almost 90% of users' accounts, though he was still listed as CEO on the firm's website.

During the suspension, Youssef has reportedly collaborated with Block's TBD division to develop a peer-to-peer crypto trading platform called Civilization Kit, or Civ Kit. The project's white paper revealed that Civ Kit would be built on a decentralized network that enables encrypted end-to-end private messaging Nostr.

With Paxful's marketplace back in action, it remains to be seen how these recent developments will shape the platform's future.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.



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