05-08-2023 icon

Peer-to-Peer Platform Paxful Returns with New Management

By Lucy Adegbe

P2P platform Paxful is up and running and being run by a Delaware lawyer, co-founder Artur Shaback said. 

Paxful posted a note online saying, “After a month away, we’re happy to announce that the Paxful marketplace is back online.”

The platform shuttered in April as the company imploded and Shaback sued co-founder Ray Youssef, who later stepped down from being the chief executive officer. Shaback told The Block he may seek a settlement with Youssef, who has accused his former partner of being greedy.

Youssef didn’t immediately respond to a request for comment.

Youssef had recently told The Block that because of U.S. legal uncertainty, Paxful had decided in November to dissolve the company. It was one of several companies impacted by a regulatory climate in the U.S. that has enforcement actions against exchanges and lawsuits from oversight agencies. 

“Throughout the suspension, the Paxful Wallet remained fully operational for our users and the community was also offered a selection of peer-to-peer platforms to continue trading on,” the note said. “Over the last month, our team has worked diligently to get the marketplace back online with the safety and security of users paramount.”