88% of Paxful user accounts unlocked

On April 16, Paxful CEO Ray Youssef announced that 88% of user accounts on the P2P cryptocurrency trading platform have been unfrozen.

β€œIf your account is still blocked, then I am very sorry, but I do not have the right to unfreeze these funds and they are in the hands of the US regulators. I do not and never have had access to client funds,” Youssef wrote.

According to him, the rest “is at the custodian.” This is about 3% of the total amount of client assets.

On April 4, it became known about the closure of the trading platform. At that time, the interface of the site was working, but trading and access to wallets were suspended.

Later, journalists suggested that the reason for the termination of Paxful was the deadlocked legal dispute between its co-founders Arthur Shabak and Ray Youssef.

In 2021, the platform launched a B2B service that allows merchants to accept Bitcoin payments in a variety of ways.

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