Paxful has announced the resumption of operations after being suspended for over a month.
The P2P crypto platform suspended operations last month following the departure of key staff members.
The Paxful wallet remained active throughout the platform’s suspension period.
Paxful has announced that it is resuming operations after being offline for more than a month. The P2P bitcoin exchange shut down operations last month following the departure of key staff members and increasing scrutiny from regulators in the United States.
Conflict Among Paxful’s Top Management Continues
According to a blog post from Paxful earlier today, the peer-to-peer Bitcoin marketplace is now back online. Over the next two days, the platform will gradually restore functionality to the marketplace. The platform took to Twitter earlier today to inform its community that it is back and is “better than ever”. Its staff has reportedly been working for the past month to bring the marketplace back online without compromising the safety and security of users.
We know it has been a difficult time for many of our users, who were understandably surprised by the sudden suspension, however, we are delighted to be back so that we can continue to serve millions of people without financial access.”
News of the resumption of services comes as a positive development for its users. The exchange suspended operations on April 4, 2023, amid growing scrutiny by American regulators and the departure of the company’s key staff members including Paxful co-founder Artur Schabeck. Paxful Wallet remained fully operational throughout the suspension period. Its users were also offered multiple P2P crypto avenues to continue trading.
Schabeck told CoinDesk earlier today that he is actively looking for a settlement with Paxful in relation to the wrongful termination lawsuit he filed following his departure from the firm. The former executive further revealed that the P2P firm is owned by a custodian who serves as one of the company’s three directors. The third board member plays an instrumental role, given his power to act as a tiebreaker in a conflict involving the other founders.