Peer-to-peer cryptocurrency marketplace, Paxful, has resumed operations after suspending its services in April. The announcement was made on the platform’s website, where it was stated that the team had been working diligently to relaunch the marketplace, with the safety and security of users being paramount.
Although Paxful’s wallet remained operational during the suspension of services, it is unclear how Paxful intends to move forward. In April, Paxful CEO Ray Youssef claimed to have completed his “final act” as CEO by unfreezing 88% of certain users’ accounts.
The suspension of services came amid a period of turmoil for the platform, during which Youssef and co-founder Artur Schaback traded accusations of misappropriation of company funds, money laundering, and evasion of US sanctions against Russia. Court records from March showed that the pair had lobbed these allegations at each other before the suspension of operations.
Despite the challenges faced by Paxful, Youssef has reportedly been working on a new peer-to-peer crypto trading platform called Civilization Kit (Civ Kit), in collaboration with Block’s TBD division. The platform is expected to be built on Nostr, a decentralized network that enables encrypted end-to-end private messaging.
Paxful’s relaunch is a positive step forward for the platform, as it seeks to regain the trust of its users following the recent turmoil. While it remains to be seen how the platform will move forward, it is clear that Paxful is committed to ensuring the safety and security of its users, which will be crucial to its success in the long term.
