Decentralized exchange platform with Estonian roots Paxful shuts down

Decentralized exchange platform Paxful, co-founded by Estonian entrepreneur Artur Schaback, is shutting down due to regulatory challenges and the departures of several important staff members.

Paxful is a marketplace where people can buy and sell bitcoin and other digital currencies directly with each other. According to the company, it is possible to pay with debit, credit, cash, and other currency in order to purchase cryptocurrency  Paxful was founded in 2015 by Ray Youssef and Artur Schaback.

According to co-founder and CEO of Paxful Ray Youssef, it is not clear yet, if the business will be closed temporarily or permanently. On March 29th, just before shutting down, Paxful decided to make all Paxful users who lost funds with bankrupt crypto lender Celsius Earn whole.

With the announcement, the company also recommended self-custody to its users and highlighted its commitment to safeguarding their assets. It promised easy migration to bitcoin wallet Noones for its non-US clientele and to bitcoin saving and investment platform Bitnob for clients based in Africa. Paxful also stated that easy migration to other P2P platforms will be available.