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Africa-focused crypto firm Paxful announces closure

Africa-focused crypto firm Paxful announces closure

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Paxful, a global Bitcoin marketplace with strong roots in Africa, is shutting down operations and returning funds to users. The CEO, Ray Youssef, cited mass staff exits and increasing regulatory issues as reasons for the company’s closure.

Paxful, a global Bitcoin marketplace with strong roots in Africa, has announced that it is shutting down operations and returning funds to users. The CEO, Ray Youssef, cited mass staff exits and increasing regulatory issues as reasons for the company's closure. The peer-to-peer Bitcoin platform is popular in Africa, with Nigeria and Kenya among the top countries on its volume-by-country list. Paxful joins the list of US-based crypto companies that have had to shut down amid regulatory challenges, including Bittrex, Beaxy and Binance. Youssef believes US regulators are growing increasingly suspicious of crypto companies. However, reports suggest infighting may have also contributed to Paxful's problems.


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