## Paxful suspends its operations, citing staff departure and regulatory challenges for the shutdown.

Paxful said that it is suspending its marketplace in an [announcement](https://paxful.com/tl/sign-up-transition) made on its website and signed by CEO Ray Youssef. According to him, they are uncertain if operations will resume. 

The statement cited staff departure and regulatory challenges for the closure. 

Paxful Wallet will remain open for the withdrawal of funds. In the statement, Youssef encouraged customers to “explore self-custody and trade elsewhere.” Paxful set up a migration system for non-U.S. users to other platforms like Noones and Bitnob. 

This shutdown follows the suspension of ether trading on the marketplace last December. At the time, Paxful said it was because the network switched from proof-of-work to proof-of-stake. The platform then traded bitcoin exclusively.
 
Coindesk reports that Youssef said on Twitter Spaces that he was concerned about customer fund safety because of a lawsuit involving Paxful co-founder Artur Schaback. According to the report, Youssef said, “I couldn’t guarantee the security of the platform.”



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