Paxful is one of the largest peer-to-peer (P2P) Bitcoin and cryptocurrency exchanges in the world by volume, and has recently announced the suspension of its marketplace. The company’s founder and CEO, Ray Youssef, cited staff departures and regulatory challenges as the main reasons for suspending the platform.

Youssef stated that “while we work through these issues, we have taken the most secure option and ask you to explore self-custody and trade elsewhere.”

Youssef claims that all customer funds are accounted for and accessible. Paxful is advising clients to self-custody their funds using options like Exodus Wallet and Muun Wallet.

The company is also providing non-American users with a simple way to switch to alternative payment methods, such as Bitnob, which makes it simple for Africans to use Bitcoin, and Noones, a brand-new P2P startup devoted to the Global South.

Youssef specifically recommends Noones, which has a friendlier terms of service policy, no account locking, reduced trading fees, a more efficient KYC process, along with a more generous affiliate program than Paxful’s program.

The announcement of Paxful’s suspension comes as regulatory scrutiny of the Bitcoin and cryptocurrency market is intensifying. The action taken by Paxful highlights the difficulties the sector is currently experiencing and the value of self-custody for users.

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