A Paxful co-founder has pleaded guilty to conspiracy charges for failing to maintain an effective anti-money laundering (AML) program on the peer-to-peer cryptocurrency platform. This led to various criminal activities being conducted on the platform, according to the U.S. Department of Justice (DOJ). He faces up to five years in prison and will step down…
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On July 7, Ray Youssef, the former CEO of Paxful, told users of the peer-to-peer crypto marketplace to stop trading on the platform. Youssef claimed that Paxful is now “just paying legal bills” and that “no African or any non-American should trust any IS corporation.” Paxful’s Alleged Removal of Reserve Funds From Status Page Raises…
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The former CEO of Paxful, Ray Youssef, has told users of the peer-to-peer bitcoin marketplace that he is no longer in control and therefore cannot vouch for “anything that is happening there now.” Youssef also told a user who claimed to have been scammed on the platform that he too has been banned from the…
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“I gave up my title as CEO to unfreeze these accounts and am also in danger of being in contempt of court,” said Ray Youssef. The chief executive officer of peer-to-peer crypto marketplace Paxful has announced the unfreezing of 88% of previously frozen user accounts more than a week after suspending operations. In an April…
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A bitter dispute between Paxful’s co-founders in Delaware courts may have led to the crypto marketplace’s sudden closure. A bitter dispute between Paxful’s co-founders, Artur Schaback and Mohamad (Ray) Youssef, in Delaware’s courts may have been the real reason behind the Bitcoin marketplace’s sudden closure on April 4. Schaback and Youssef, who started Paxful in 2015…
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Paxful’s shutdown has left its global community heartbroken, but it has significantly impacted the Nigerian community, where it pioneered P2P crypto use. The shutdown of the peer-to-peer (P2P) cryptocurrency marketplace Paxful has left its worldwide community searching for alternatives, but it appears to have significantly affected the Nigerian crypto community. On April 4th, Paxful declared…
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Peer-to-peer crypto marketplace Paxful became another victim of this particularly freezing crypto winter. “Today, Paxful will be suspending its marketplace. We are not sure if it will come back,” said on Tuesday Ray Youssef, Paxful Founder and CEO. The Paxful Wallet, however, will remain in service for customers to retrieve their funds. Safeguarding customer funds…
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According to a message from Paxful Founder and CEO, Ray Youssef, the peer-to-peer bitcoin trading platform is suspending its marketplace, and the company is uncertain if it will return. Youssef cited challenges such as regulations and some key staff departures, but he also noted that he could not share the full story at this time.…
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Paxful CEO Ray Youssef said U.S. regulators “don’t get it,” but infighting in the C-suite may have played a role in the company’s closure as well. Peer-to-peer cryptocurrency marketplace Paxful announced on April 4 that it was suspending operations. Paxful founder and CEO Ray Youssef said in a blog that “key staff departures” and the…
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Wallbit, a crypto-enabled neobank, announced it would stop serving users in Venezuela after its banking partner in the U.S. called on it to do so. The platform announced this move was the direct result of the economic sanctions that the country is currently facing, and that Venezuelans outside the country would continue to be served.…
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