Paxful Shutdown: Popular P2P Platform Quit Their Operations

Estimated read time 2 min read

Paxful is known to be one of the popular peer to peer trading platform down here in Africa. Although they are present in almost all parts of the world, they had a large portion of their market in Africa. Places like Ghana, Nigeria, Kenya, Cameroon, South Africa to be precise.

According to statistica, Nigeria alone traded over $1 billion dollar worth of cryptocurrencies and other countries in Africa like South Africa, Ghana and few others did similar. Cryptocurrency companies and CEO’s have been facing lots of legal problems years back.

From some companies filing for bankruptcy, to shutting down of companies. And Paxful’s company has a similar story.

According to multiple sources on the internet, the company was facing legal issues which made them lose their workforce. Also, the company’s CEO named, Ray Youssef also made mentioned that they have been sued by their ex co-founder who left the company some time ago.

Read Also: Paxful & Binance Alternative

This made him come to the final conclusion of quitting their operations worldwide. According to multiple sources on the net, the CEO Mr. Youssef has promised to pay back all his companies patronizers and has also asked them to withdraw their funds to different cryptocurrency wallets.

Currently, what you see after logging into your Paxful account is a message from the CEO and also a withdrawal option as well as wallets you can transfer your funds to depending on your location. Platforms like Yellow card for residents in Africa and others like BItnob.

Just like it’s done already, your transfers and withdrawals (transactions) will be charged something called network fee. The current network fee for transferring bitcoin is up to $1.60, Ethereum up to $6 and USDT up to $1.90.

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