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.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/LD5DYC2TQBDPXAR5A7OQTBTRLQ.png "P2P Bitcoin Exchange Paxful Back Online After Temporary Suspension (2)")
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.
Edited by Nelson Wang.
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:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/6d05e6ca-ca9b-44d0-97e6-b6bdceee3d6f.png "P2P Bitcoin Exchange Paxful Back Online After Temporary Suspension (8)")
Helene is a New York-based reporter covering Wall Street, the rise of the spot bitcoin ETFs and crypto exchanges. She is also the co-host of CoinDesk's Markets Daily show. Helene is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
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